Prabhu further said he has convened a round table meet

of sovereign and pension funds from all over the world next week in Delhi to find out more opportunities of raising money at lower rate though, we are now raising on low rates.

He said the Ministry's focus is on completion of existing projects. Railway is a national asset and we need several stake holders to participate and state governments should have joint ventures with Railways to implement more projects."

Later, addressing a Confederation of Indian Industry (CII) conference, Prabhu said the Centre has plans to invest about USD 142 billion in Railways over the next five years.

When the Prime Minister (Narendra Modi) talks about developed India in the next few years time, it is all do-able and for that we are laying the foundation stones today. We plan to invest USD 142 billion for Railways in the next five years. We have already put Rs 3.50 lakh crore during the past two-and-half years for the Railways," he said.

He said 16 per cent of the railway network in the country handles 60 per cent of the total traffic requiring more investments in those routes.

The Minister said the railways is in the process of having ties ups with several state governments for creating rail infrastructure.

According to him, if the state grow at 10 per cent annually then the country s GDP growth would also grow at 10 per cent.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)