 "Railways plan to cut foreign exchange outgo on imports")
The Indian Railways plans to cut foreign exchange spend on importing components and systems for the railways by encouraging domestic manufacturing of components. The government is mulling bringing in global technology in the production of equipment and systems for the railways, said Manoj Sinha, minister of state for railways in Baramati.
Sinha inaugurated a high tech locomotive component manufacturing facility at the Bharat Forge Centre for Advanced Manufacturing in Baramati, near Pune.
"Manufacturing of smaller components for the railways will be completely indigenised while that of major ones will move to India in joint ventures with the global companies that have the requisite technology. Around Rs 10,000 crore is spent on overseas imports per year of which nearly Rs 2,200 crore is for components. We want to cut the import of components by around 20 per cent over the next two years."
Sinha inaugurated a high tech locomotive component manufacturing facility at the Bharat Forge Centre for Advanced Manufacturing in Baramati, near Pune.
"Manufacturing of smaller components for the railways will be completely indigenised while that of major ones will move to India in joint ventures with the global companies that have the requisite technology. Around Rs 10,000 crore is spent on overseas imports per year of which nearly Rs 2,200 crore is for components. We want to cut the import of components by around 20 per cent over the next two years."