Japan to Invest $140 billion in Indian Railways Over Next 5 Years
Japan will invest $140 billion over the next 5 years in the Indian Railways. Upgrades to 400 stations on the cards.
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Japan has agreed to modernise railway stations across the country while participating in the Indian Railways’ $140 billion (Rs 930650 crore) investment plan over the next five years.
A Japanese delegation is due to visit India in order to study the opportunities for industries in the railway station development plan of railways as the public transporter has identified 400 stations to be upgraded in private investment, an official statement said.
Railway Minister Suresh Prabhu, who is currently in Japan to strengthen cooperation in rail sector, held a series of high-level meetings with Japanese Prime Minister Shinzo Abe, Deputy Prime Minister and Finance Minister Taro Aso among other ministers and senior officials and has highlighted that the Indian public transporter would be the next major destination for infrastructure investment worth $140 billion, it said.
Participation of Japanese railways and Japanese companies in various areas of Indian Railways with the aim of modernisation and technology upgradation was also emphasised in the discussions. While agreeing for cooperation on modernisation and upgradation, Japan has agreed to assist the public transporter in achieving its zero-accident mission.
Railways research wing - Research Designs & Standards Organisation (RDSO), will sign an MoU with Railway Technical Research Institute of Japan to carry out research work on acquiring modern technology for the public transporter, as per the finalisation of the action plan.
Prabhu also held meetings with heads of leading financial institutions and highlighted the investment prospects in railways in the coming years. Railways has chalked out a plan to investment $140 billion in infrastructure upgradation in the next five years, the release said. Japan will also provide its expertise and technology in solving problems of sanitation including the development of waterless, odourless toilets in trains and at stations, it added.
Besides, the country has also agreed to assist Indian Railways in development of a legal and regulatory framework on high speed railway here, the official statement said.