“Till date we’ve failed to allure private investments in the railways segment, while there is private investment in telecom sector to the extent of 82 per cent, in ports it is about 80 per cent and in roads sector it is 16 per cent but in railways it is still almost negligible,” said Mr Chowdhury. “The industry should be a little liberal in their investment in the railways infrastructure in India as it plays an important role in growth of Indian economy and country’s overall infrastructure.”
“The stark reality is that we're facing severe financial crunch and it is now ignominy to admit candidly that we're not being able to provide adequate funds to railways sector,” said Mr Chowdhury. “As such we are inviting you to set up terminals, to set up connectivity of ports, redevelopment of railway stations, containerization and with such a move both railways and industry as a whole will be benefited in a big way if we get a little serious in this endeavor and we will offer full co-operation to all those desirous to invest in Indian Railways.”
The minister also said that India needs to take cue from China which has made tremendous progress in the railways infrastructure.
China has made phenomenal growth in railways infrastructure and we've many things to emulate from their experience,” said Chowdhury. “We (India-China) can vie for economic growth between each other but we also need co-operation as mutual co-operation, trust and dignity amid neighbors would help us to strengthen and consolidate both the economies along with entire Asian continent.”
He also emphasized on the need for more innovation in view of the future demands of Indian Railways as railway projects are capital intensive and have long gestation period.
He further said that modernization is imperative aspect for Indian Railways for which the ministry has set up Sam Pitroda committee which has recommended plethora of measures and suggested Rs 5.6 lakh crore for modernization. “This massive fund required cannot be mobilized by the Indian Railways on its own and so we need significant support from the industry.”