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The report argues that while India has robust legal frameworks for environmental and social safeguards in infrastructure procurement, poor implementation and a narrow definition of 'value for money' (VfM) lead to significant ecological losses and financial risks. It examines four key safeguards—Environmental, Forest, Wildlife, and Land Acquisition clearances—finding a disconnect between pre-concession approvals and post-signing monitoring. The authors propose shifting to a 'whole-life value' approach to VfM, integrating sustainability criteria into tender documents, and reforming financial risk models like the Capital Asset Pricing Model (CAPM) to better account for long-term green infrastructure gains.