NEW DELHI, Sept. 23 -- For global investors, India has long been defined by software services and outsourcing-the country's signature growth engine since the late 1990s. Jefferies believes that story is giving way to a new one. Over the next decade, the firm expects wealth creation to shift decisively towards "hard assets" - airports, ports, hospitals, homes, hotels, real estate, and renewables, as India pours capital into building its infrastructure backbone.

"The one thing that India was missing, and that every investor has always pointed out, is infrastructure," said Aashish Agarwal, country head of India at Jefferies, in an exclusive conversation with Mint. "I think we are now at the cusp of infrastructure upgrade. So, what services ...