World Bank supports Rlys development fund: Prabhu

Staff ReporterUpdated: Thursday, May 30, 2019, 12:54 PM IST
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“We have our major emphasis on decentralisation in decision making.”

Mumbai : Announcing the railway development fund being supported by World Bank, Railway Minister Suresh Prabhu said that there were several joint ventures with State governments which have started looking at new projects which are commercially viable.

Addressing the media at a conference organised by Indian Merchants Chamber on Saturday, Prabhu said that the railways is one of the most important infrastructure entity in India. He also said that there is a high priority on punctuality and innovative financing options for railways.

“World Bank is supporting a Railway Development Fund, financed by pension and sovereign wealth funds. We have our major emphasis on decentralisation in decision making which enhances transparency in safety and human resource,” added Prabhu.

The theme of accelerating investments in Indian Railways as an important growth engine for Indian economy was also discussed at the event. Several policies, regulatory measures and safety aspects were also highlighted at the event.

Speaking about the initiatives taken by Government of India, Deepak Parekh, Chairman of HDFC Limited, said, “There have been various initiatives undertaken by Government of India in power, roads, renewable and metros sectors.”

Speaking at the conference, Deepak Premnarayen, President of Indian Merchant’s Chamber, said, “It is good to hear that railways are creating a fund which would likely have investments from global firms. The money from these would go towards the railway linked projects.”

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