The hopes of public private partnerships funding India's infrastructure spend have disappeared. Despite the elaborate planning in consecutive 5 year plans very little private sector equity has flown into infra projects. Whatever little did come is stuck up without generating enough returns for the investors. Public sector companies have not been better off either. And with most infrastructure projects stuck due to lack of resources or policy bottle necks, the sector itself has become a no-go area for PSUs and private sector alike. Hence, as per rating agency CRISIL, if debt funding is the way ahead, the bond markets need a new avatar. As published by Mint, CRISIL has estimated that bond markets will have to help Indian banks raise nearly Rs 10.4 trillion over the next five years. Of this, Rs 7 trillion would go towards infra funding and the rest towards meeting the banks' own capital norms. Only then will the banks be able to fund the credit requirements of the infrastructure projects after meeting the Basel III norms. Without enough depth and regulations for the bond markets we wonder how this will be feasible.