For long-term infrastructure investors - infrastructure funds, sovereign wealth funds, pension funds and insurers - the budget signals intent through continuity: stable macro, public capex up, risk-sharing improved and focus on bond markets. This predictability, not one-off measures, is what institutional capital likes to bank on. Infrastructure being called out within the first kartavya (duty) is a loud and clear signal of the government's priorities. This should reaffirm the confidence of commercial investors across Canada, Australia, Singapore, the US and Japan, who have been active participants in India's infrastructure market.