Railway Minister eyes domestic, foreign funds to implement Rs 65,000cr plan
Railway Minister DV Sadananda Gowda is hopeful that funds from domestic and foreign investors will help him in implementing his Rs 65,000-crore plan for the Railways sector.
Domestic and foreign funding is being eyed by Gowda after the Ministry did not receive the desired budgetary support from the Central government for the implementation of the Rs 65,000-crore plan.
With Gowda presenting his first Rail Budget on Tuesday, the Budget had more of a ‘white paper’ feel as it explained that the NDA government should undertake what the UPA regime did to the finances of Indian Railways by not hiking rail fares.
Elaborating on how the losses of the passenger segment increased under the UPA government, Gowda also drew attention to the fact that the UPA regime “misdirected” investments into loss-making newer tracks instead of doubling the congested tracks – a move which would have resulted in financial returns.
The Rail Budget presented by Gowda has identified 30 projects which are likely to offer good financial returns; and have been earmarked for completion on a priority basis.
Meanwhile, from the gross budgetary support sought by Gowda, an amount of Rs 6,500 crore has been allocated to a project involving the setting up of 1,000 km of rail tracks for the dedicated freight corridor. In addition, an amount of Rs 5,116 has also been set aside for rail connectivity to the North-East.
Source- The Hindu Business Line
Chief minister DV Sadananda Gowda, foreign funds to implement Rs 65000cr plan, Railway Minister, Railway Minister Sadanand Gowda
