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The spokesperson for the Indian Ministry of Railways confirmed that many foreign companies have already shown interest in investing in the Indian railways.
“The Ministry of Railways has already approached the Ministry of Commerce to make necessary amendments in order to enable railways to go for FDI,” Anil Kumar Saxena told The BRICS Post.
The government is hoping to attract up to $10 billion of foreign investment over the next five years in the sector.
“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,” an official at the Department of Industrial Policy & Promotion was quoted in a Reuters report on Thursday.
India has been contemplating opening up investments in railway infrastructure to foreign players in a bid to attract foreign funds to finance its ailing infrastructure.
India’s rail network is one of the world’s largest, with 23 million passengers daily travelling on about 11,000 passenger trains.