Indian railways are all set to get a makeover with the help of the World Bank. Soon, the World Bank will be chalking out a plan for the Indian Railways as the Railways is investing Rs 5 lakh crore to modify the 164-year-old railroad network, which also happens to be the fourth longest railroad network in the world.
The World Bank will help the Indian railways with digitisation and technology development, investment and planning. Not only this, it will also help in establishing a Railway University and the Rail Tariff Authority. This is not the first time when the Indian railways have joined hands with the World Bank, earlier the bank also assisted the Railways for financing the Eastern Dedicated Freight Corridor Project.
As per a report in the Economic Times, a top railway ministry official said, “We needed this arrangement to build our capacity and deliver projects on a mission mode. World Bank’s expertise would be a great gain”.
The World Bank which is drawing up the plan has proposed to form an organisation for the purpose of creating detailed forecasting models, planning and traffic optimization.
Railway minister Suresh Prabhu plans to transform the railways by investing Rs 5 lakh crore in it.The entire amount will be put to use in the next four years. This year, Rs 1.31 lakh crore would be spend by the Indian Railways in order to augment its capacity.
“Further, an infrastructure plan for the next 10-15 years, after a detailed analysis on freight and passenger growth expected in India, is also envisaged to be created. The bank would be drawing that up as well,” added the rail ministry official.