It’s a fundamentally different problem here: it’s new infrastructure, which in this day and age is barely profitable in terms of first-order effects (fees, fares, etc.) but is significantly profitable in terms of second- and third-order effects (economic growth, new businesses, yada yada).
If you could build a new subway in New York, spend zero capital, but have to give up the fare revenue for that subway, why wouldn’t you?
Also, the India/US alternative is to… Just outright give the Indian Adani group a majority stake in their port expansion. So much better. So much. Truly.
It’s a fundamentally different problem here: it’s new infrastructure, which in this day and age is barely profitable in terms of first-order effects (fees, fares, etc.) but is significantly profitable in terms of second- and third-order effects (economic growth, new businesses, yada yada).
If you could build a new subway in New York, spend zero capital, but have to give up the fare revenue for that subway, why wouldn’t you?
Also, the India/US alternative is to… Just outright give the Indian Adani group a majority stake in their port expansion. So much better. So much. Truly.