Financial crunch in railways

Railway modernisation, safety will need $120 billion

 Friday, December 14, 2012,

New Delhi: The modernisation and safety of Indian Railways will require Rs 660,000 crore (USD 120 billion), Parliament was told on Friday. 

The Expert Group for Modernization of Indian Railways has indicated that modernization would need Rs 560,000 crore over the 12th and 13th Five Year Plans, Railway Minister PK Bansal said. 

The High Level Safety Review Committee has indicated an investment requirement of Rs100,000 crore over a period of five years, Bansal told the Rajya Sabha. 

While the modernization group was headed by Sam Pitroda, the safety committee was chaired by Anil Kakodkar. 

The minister said the recommendations of both the panels were under examination in the Railway Ministry. 

"The actual requirement of resources for modernization and safety would depend on the recommendations accepted by the government," he said. 

IANS