Foreign investors are being sought by India to help expand its outdated railways, government sources have said.
The move will mark the opening up of the country’s state-controlled railway industry to foreign businesses.
Overseas investors will be allowed full ownership of the new services in suburban areas, tracks and connections to ports, mines and power installations, according to two senior officials involved in the project.
Freight network and existing passenger operation will not be open to foreign investors under the new move.
“The plan is to allow 100 percent foreign direct investment in suburban corridors, high-speed train systems, freight line projects implemented through public-private partnership,” said an official at the Department of Industrial Policy & Promotion.
The government officials said the move could attract up to $10 billion of foreign investment over the next five years.
Established under British colonial rule, India’s vast train network has been overtaken by China’s rapid rail expansion over the past two decades.
Indian train travel is very cheap, and transports some 25 million passengers daily. But years of underinvestment mean the service is slow and plagued by frequent accidents, most recently a fire that killed nine people this week.
Old Indian railway’s cars should be donated to Pakistan. India deserve new railway.
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