India’s first Bullet Train Project
India to witness the launch of country’s first bullet train project on 14th of September. Indian Prime Minister Narendra Modi will be laying stone to the prestigious project along with Japanese PM Shinzo Abe.
The Foundation stone for the bullet train project will be laid on September 14 at western Gujarat state on the Ahmedabad-Mumbai route. The Bullet Train was one of the important promises made by Prime Minister during the 2014 election campaign.
Indian Railways is the world’s fourth largest by distance and the primary form of travel in India. On an average, 22 million passengers travel using the Indian Railways. Since no updations were made to these rail lines built many years back, travelers often experience delays in their journeys. So In order to improve the standards of Indian Railways both regarding speed and safety, Indian Govt is bringing changes with investing a good amount of money.
Bullet Train Features & Budget
The high-speed rail network would be having a capacity of 750 passengers and will cut down the journey time between the two cities Ahmedabad-Mumbai from eight to three and half hours. Bullet Train Project is likely to be completed by December 2023. The high-speed rail corridor will be covering 508km with a 21km long tunnel under the sea.
Japan, the pioneer in Rail networks, came forward to invest in India’s Bullet Train Project. According to the reports, Japan will be providing 80 percent of the project cost as a loan to India.
Bullet Train’s Estimated project cost is Rs. 1.1L crore, so Japan will be providing a loan of Rs. 88,000cr at 0.1% interest. The catch here is India should buy 30% of the equipment, which includes coaches and locomotives, from Japanese firms.Under the pact, the loan is to be repaid in 50 years with a 15-year moratorium. The two Global leaders are expected to make several agreements during the Japanese PM two-day visit to Ahmedabad.