$100 bn capital needed to transform rail system: Prabhu
7 Dec 2014 10:43 PM GMT
Indian Railways needs investments of over $100 billion in the next three-four years to transform itself and the government is working on a plan to attract funds including from overseas, Union Minister Suresh Prabhu said on Saturday.
“We want investments upward of $100 billion in next three-four years from multiple corners. We are gearing up for this.... We are working within Indian missions overseas. We are working with Ministry of Finance and with all government machinery to make this happen,” Prabhu said.
Speaking at the ‘India Economic Conclave’, the Railways Minister of India said passengers are demanding tremendous improvement in railway services but the government does not have the level of funds which are required to meet that scale of investment.
“Operating ratio of railways is very low when you compare it to US. It is 20 point less than what it is in US. We have hardly any money left to make investment in railways…. One thing that I am trying to do is attract huge investments in railways. I don’t want to disclose the entire strategy now,” Prabhu said.
The Minister said he has delegated powers of procurement to general managers in Railways.
“We want investments upward of $100 billion in next three-four years from multiple corners. We are gearing up for this.... We are working within Indian missions overseas. We are working with Ministry of Finance and with all government machinery to make this happen,” Prabhu said.
Speaking at the ‘India Economic Conclave’, the Railways Minister of India said passengers are demanding tremendous improvement in railway services but the government does not have the level of funds which are required to meet that scale of investment.
“Operating ratio of railways is very low when you compare it to US. It is 20 point less than what it is in US. We have hardly any money left to make investment in railways…. One thing that I am trying to do is attract huge investments in railways. I don’t want to disclose the entire strategy now,” Prabhu said.
The Minister said he has delegated powers of procurement to general managers in Railways.
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