This article was last updated on April 16, 2022
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This Tuesday, the first rail budget of the Modi government was revealed which showed that huge investments are needed to fix the rail network. The Railway Minister DV Sadananda Gowda informed the parliament that his ministry would seek the cabinet’s approval for allowing foreign direct investment in the extremely burdened network.
The Railway Board Chairman Arunendra Kumar, in a press conference, said: “We are studying the prospects [taking investments in PPP] and would involve private players at a later stage.” Though other members on the board are said to have informed that there are many private as well as international players who have shown interest in the railway and think that that the railway network has great potential in India.
The Railway Minister D V Sadananda Gowda further said that there has been a focus on sanctioning projects rather than completing them. “In the last 30 years, as many as 676 projects were sanctioned worth Rs 1,57,883 crore. Of these, only 317 projects could be completed and 359 projects remain to be completed which will now require as much as Rs 1,82,000 crores,” Gowda said while presenting the rail budget 2014-15. “In fact, there are 4 projects that are as old as 30 years but are still not complete for one reason or another. The more projects we add, the thinner we spread our resources and longer it takes to complete them,” he said. He informed that about five lakh crore rupees will be need to finish the on-going projects.
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