Railways Minister Suresh P. Prabhu on Wednesday said the Indian Railways will set up a business transformation council (BTC) to enhance partnership with private sector investors and raise efficiency and speed in implementing the Rs 8.5 lakh crore projected investment in coming five years.
Prabhu, who inaugurated the international conference on Railways @ 2020 organized by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) here, said the Ministry of Railway has signed an MoU with the Life insurance Corporation (LIC) which will bring Rs. 25 billion dollar to Indian railway in the next five years at very attractive rate of interest.
He revealed that the World Bank would also support the five year expansion plan besides "Other Multi-Lateral Agencies" like the Asian Development Bank (ADB) and the International Finance Corporation (IFC) and other source.
Prabhu invited industry involvement in the Rs 8.5 lakh crore railway plans.
"Partnership with the private sector will be one of the thrust areas in operationalizing the MoUs and in opening up huge development in the railways," he pointed out.
He assured transparency in the implementation of the plan.
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"Railways are the harbingers of growth in India" he said.
Describing the Railway's expansion and modernization programme as key to the success of the 'Make in India' scheme of the Prime Minister, Prabhu referred to the ongoing coal mines auction that had fetched the government an 'Unimaginable' Rs. two lakh crores.
"Indian Railways have now to develop the capacity to haul all the additional coal that would be mined now," he said.