Indian Railways (IR) is planning to invest $142bn over the next five years, and intends to double the investment in the next five-year cycle.
Since last year’s railway budget, IR has implemented 110 reform measures and has reportedly fulfilled all the announcements made in the budget.
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Indian Railway Minister Suresh Prabhu has invited multilateral agencies to participate in the railway investment plan, including World Bank, International Finance, US Exim Bank and Overseas Private Investment (OPIC).
In the budget, IR has permitted 100% private sector investments in the majority of railway infrastructure segments such as suburban rail, metro rail, locomotives and rolling stock, manufacturing and maintenance, signalling and electric works, and dedicated freight lines.
On an official visit to Washington DC, US, Prabhu also touched upon various projects, which are at different stages of implementation such as dedicated freight corridors, high-speed train project, doubling/tripling train tracks in heavy traffic zones, modernisation of 400 railway stations, and technology upgrades of signalling systems, instrumentation and other safety measures.
In his high-level meetings with the World Bank and IFC officials, Prabhu discussed the IR’s efforts to expand, modernise, decentralise decision-making, improve efficiency, meet customer expectations, move to clean energy and introduce greater transparency through e-tendering.
He also met US Transportation Secretary Anthony Foxx to discuss improved bilateral engagement in the transportation sector as part of the the memorandum of cooperation signed last April during Foxx’s visit to India.
Prabhu also met OPIC president and CEO Elizabeth Littlefield to explore the possibility of OPIC’s financing for Indian Railways.
