Railway Minister Suresh Prabhu today asked global players to co-develop new technology in partnership with the Indian Railways to meet emerging needs of the rail sector worldwide.
He also advocated for adoption of the latest technology suitable for safety upgrade in the Railways in a cost- effective manner.
"We must take concrete steps to draw a clear cut roadmap for upgrading of technology as a solution to the problems in the Railways," he said at the global technology conference here.
There is a need for latest technology in the Railways to lay tracks at a faster pace, detection of rail fracture and prevent accidents at the level crossings among other things, he said.
Suggesting a two-pronged strategy, Prabhu said there should be a short as well as a long-term action plan to bring Indian Railways on par with with other railways.
While the short term plan is for adoption of best technology available in the market to meet the urgent requirement, the long term plan envisages co-development next generation technology to address global needs, he said.
"It would be paradigm shift when India will be the destination for the development of cutting edge technology. So co-development of new technology should be our agenda," he added.
According to Prabhu, the investment in the Railways would double in the next five years as compared to the Rs 8.5 lakh crore earmarked for 2014-19.
Currently, the Railways is suffering from lack of investment in the past resulting in slow growth in rail infrastructure.
The big investment in the Railways would benefit other sectors as well, he said.
Many representatives from global companies attended the meet.
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