(MENAFN) India's government is set to invest USD137 billion in its ageing railway network over the next five years, BBC reported.
According to Railway Minister, the cash boost will help modernize existing tracks and introduce faster trains, with passenger fares to remain unchanged.
The state-run railways operate more than 12,000 trains, with a daily carriage of 23 million passengers. However, due to neglect, low investment and subsidized fares, the network was left in grave disorder.
Few factors, such as the fall in the price of diesel and the improvement in freight earnings, facilitated funds for undertaking the investment.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.