9:52 PM
Railway Minister Suresh Prabhu said on Wednesday that the Railways will be a significant contributor to the 'Make in India' programme through its focus on indigenising production of a host of segments, including state-of-the-art locomotives, high-end equipment and processes, that go into the working of the network.
Inaugurating the 11th edition of the International Rail Conference and International Rail Equipment Exhibition (IREE) 2015, organised by the Confederation of Indian Industry (CII) and the Railways, Prabhu said that almost 90 per cent of proposals made by him in the Rail Budget have been either implemented or put into fast track.
With Japan as the partner country, the IREE 2015, covering 20,000 sq mtrs, is being attended by 400 exhibitors from 20 countries, including the US, the UK, China, Germany and South Korea in addition to a large contingent from Japan.
Prabhu said that the ministry is determined to break the vicious cycle of low investment and low quality of services, which has enveloped the Railways due to inadequate attention being assigned to the vital sector.
The minister emphasised that the conscious decision to tap institutional sources for meeting the investment requirement of $140 billion for modernisation of the Railways in five years is giving the development process an unprecedented impetus.
"This is also sending the right signals to foreign investors, who are excited about investing in the Railways." In this regard, Prabhu referred to the excellent response he had received from the Japanese government and the private sector there when he had visited the country last month.
"The Japanese are excited not only about the high-speed train segment alone. The new framework of technology agreement envisages a whole spectrum of partnership in various rail-related segments like manufacturing of electrical locomotives, sharing of cutting-edge technologies, etc." he added.
Inaugurating the 11th edition of the International Rail Conference and International Rail Equipment Exhibition (IREE) 2015, organised by the Confederation of Indian Industry (CII) and the Railways, Prabhu said that almost 90 per cent of proposals made by him in the Rail Budget have been either implemented or put into fast track.
With Japan as the partner country, the IREE 2015, covering 20,000 sq mtrs, is being attended by 400 exhibitors from 20 countries, including the US, the UK, China, Germany and South Korea in addition to a large contingent from Japan.
Prabhu said that the ministry is determined to break the vicious cycle of low investment and low quality of services, which has enveloped the Railways due to inadequate attention being assigned to the vital sector.
The minister emphasised that the conscious decision to tap institutional sources for meeting the investment requirement of $140 billion for modernisation of the Railways in five years is giving the development process an unprecedented impetus.
"This is also sending the right signals to foreign investors, who are excited about investing in the Railways." In this regard, Prabhu referred to the excellent response he had received from the Japanese government and the private sector there when he had visited the country last month.
"The Japanese are excited not only about the high-speed train segment alone. The new framework of technology agreement envisages a whole spectrum of partnership in various rail-related segments like manufacturing of electrical locomotives, sharing of cutting-edge technologies, etc." he added.
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