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Need to attract FDI in railway projects: Railway Minister

Last updated on: July 08, 2014 17:25 IST

Need to attract FDI in railway projects: Railway Minister

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Railway Minister Sadananda Gowda while presenting his first Rail Budget proposed foreign direct investment (FDI) in building railway infrastructure.  

Gowda said, the ministry will move a proposal in this regard to the Cabinet soon. 

The current policy allows FDI in only urban metro projects.

Gowda also clarified that foreign direct investment will not be allowed in railway operations.

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Photographs: Reuters

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The railways is keen to announce projects that could use foreign funds after the cabinet nod for FDI. Along with modernising stations, modern technology will be few of the key projects that railways may intend to take up.

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Gowda also pointed out that bulk of future railway projects will be financed via Public-Private Partnership (PPP) route. "We are prioritising time lines to finish pending projects, Gowda said.

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The railway minister also said that the concept of PPP has not been successful in raising substantial resources so far.

"It is my endeavour to pursue this in right earnest. It is our target that bulk of our future projects will be financed through PPP mode, including the high-speed rail, which requires huge investments," he said.  

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