This report debates the extent to which public-private partnerships (PPPs) are delivering value for money (VFM) in India. While VfM is traditionally interpreted to mean the lowest-priced alternative at the time of commissioning, in the context of sustainable development it is understood as value for money across the asset life cycle. The findings indicate that despite the best-in-class laws, policies, formal processes and institutional frameworks, PPPs in India might not be delivering VfM across asset life cycles. Policy recommendations are made on how to improve the existing safeguards, on how to move beyond the existing safeguards, and on leveraging existing infrastructure development funds so as to lower the cost of capital for sustainable infrastructure.