The project, being executed by National High Speed Rail Corporation, is slated to be completed by the end of 2023, but land acquisition for the project has met with stiff resistance from farmers in both Gujarat and Maharashtra.
The Japan International Cooperation Agency (JICA) has signed an agreement with the central government to provide Official Development Assistance loan of approximately Rs 9,600 crore as the second tranche for construction of the Mumbai-Ahmedabad bullet train project. The development comes even as a recent Bloomberg report said that only 0.9 hectares out of 1,400 hectare land needed for the project have been acquired.
The project, being executed by National High Speed Rail Corporation, is slated to be completed by the end of 2023, but land acquisition for the project has met with stiff resistance from farmers in both Gujarat and Maharashtra. In fact, several farmers have approached Gujarat High Court opposing acquisition of their land for bullet train project.
The total cost of the project is pegged at Rs 1.10 lakh crore, which is mainly being funded by JICA. The JICA said in an official release today that the loan agreement was signed between Shohei Hara, director general, South Asia Department, JICA, and Sujan Chinoy, India's ambassador to Japan, at Tokyo on October 29.
"We had signed the loan agreement for Tranche one in September, and taking into account the dynamic features of this project, we are signing Tranche two to further accelerate implementation of the project. With the bullet train, expected time for travel between Ahmedabad and Mumbai will be approximately two hours," he said.
The nearly 500-km high-speed rail corridor is expected to reduce travel time between Mumbai and Ahmedabad to about two hours, less than one-third of what it takes at present. There will be 12 stations on the route.
Hara said that the high-frequency mass transportation system using Japan's Shinkansen technology, will enhance mobility, and contribute to regional economic development.
Last month, JICA signed an ODA loan agreement of approximately Rs 5,500 crore as tranche one for the project.
The Agency said that a training institute, which will have facilities and equipment to help trainees, will be set up in Vadodara so that operational and safety standards, as well as travelling experience, match those of Shinkansen originals in Japan.
In September last year, JICA had signed an agreement with the Centre for providing an ODA Loan of 10,453 million Japanese Yen (Rs 640 crore) to develop the institute.
PROJECT INSIGHTS
- The project is likely to reduce travel time between Mumbai and Ahmedabad to about two hours
- The total cost of the project is pegged at Rs 1.10 lakh crore
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