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Railways need nearly Rs 5 lakh crore (Rs 5 trillion) to complete all sanctioned projects for which it is mobilising additional resources including private investment, FDI and private-public partnership.
Railways Minister D V Sadananda Gowda told the Lok Sabha on that keeping in mind the various pending projects announced by previous governments, he had refrained from announcing new projects in his Railway Budget speech.
At present, there are 362 major ongoing railway projects across the country having a throwforward of Rs 1.82 lakh crore (Rs 1.82 trillion).
He said 113 out of the 362 new line, gauge conversion and doubling projects have been included in railway budgets during 2011-12, 2012-13 and 2013-14.
Responding to supplementaries, the Minister said Railways have a huge throwforward of ongoing projects and a limited overall availability of funds.
"As such, it is not possible to allocate adequate funds to the projects on a regular basis, which is a prerequisite to fix timelines and schedules," he said.
He said the progress and targets of the projects are also adversely impacted due to delay in land acquisition and forestry clearances and law and order problems.
The Minister pointed out that various projects were announced by his predecessors but would not take off as no funds were ever allocated for them.