Railways: $1,071 million FDI up to Dec 2019
Up to 100% Foreign Direct Investment (FDI) has now been opened up and permitted in some of the main areas of the high cost-technology-requiring Railway Infrastructure, Minister of Railways Piyush Goyal has told parliament on 18 Mar 2020.
The Railway sector has received US$1,071 million dollars as December 2019, according to the Department of Promotion of Industry and Internal Trade (DPIIT), he said in a written reply to the house.
Previously, it was restricted to 49%.
The 100% on automatic route investment is allowed in construction, Operation and Maintenance of:
Suburban corridors projects through Public Private Partnership (PPP);
High Speed Train Projects;
Dedicated Freight Lines;
Rolling Stock including train sets and locomotives/coaches manufacturing and maintenance facilities;
Railway Electrification;
Signaling systems;
Freight terminals;
Passenger terminals;
Infrastructure in industrial park pertaining to railway line/sidings including electrified railway lines and connectivities to main railway line; and
Mass Rapid Transport Systems”.
Total Budget Estimate (BE) Outlay for New Line, Gauge Conversion and Doubling Projects on Indian Railways in 2019-20 has been increased to Rs.38,803 crore in Revised Budget Outlay from Rs.30,198 crore.
This is 237% more as compared to average annual budget allotment of Rs.11,527 crore during 2009-14.
Average Annual Budget allotment for New Line, Gauge Conversion and Doubling Projects on Indian Railways, during 2014-19 has increased by 126% to Rs.26,026 crore from Rs.11,527 crore during 2009-14.
During 2009-14, 7,599 km length (New Line, Gauge Conversion and Doubling) has been commissioned on Indian Railways. Further, during 2014-19, 13,124 km length (New Line, Gauge Conversion and Doubling) has been commissioned on Indian Railways, which is 73% more than commissioning during 2009-14.
There are inbuilt safeguards to protect interest of the existing employees of Railways, he assured the house. fiinews.com