Railways to get $12 billion worth investment in 6 years, says Piyush Goyal

To fulfil the promise of intact security to railway passengers, the Narendra Modi led government would invest around $12 billion in railway in next six years. 

Rail minister Piyush Goyal said that the govt could spend up to $12 billion in upgrading the signalling system on its entire rail network over the next six years to the contemporary European Train Control System (or ETCS).

He informed that the contract entire 60,000 route km had been given in a single go, Piyush Goyal also said that he expects that will come about given the volume of the contract to actually result in the eventual cost coming down from $12 billion.

“I am promoting Make in India, providing jobs to people, and preparing India to export this technology to the whole world, because we will become the cheapest source,” Goyal said.

Earlier Railway Minister Piyush Goyal had said the national transporter would focus on technology this year to ensure safety on its network.

Finance Minister Arun Jaitley allocated Rs 2,025 crore for an overhaul of the signalling and telecommunication system of the Indian Railways in 2018-2019. Rs 11,450 crore has been earmarked for track renewal. A majority of the thrust will be on improving the signalling system through ETCS II, Goyal said.

"When ETCS II, which is the most modern radio-based signalling system in the world, comes into force ...Say in Mumbai, the frequency of trains will reduce to two minutes from three to four minutes at present," he said."The focus will be on technology, in everything. I have to give people security. If I try and provide personnel on every train and in every coach, it will be very expensive. My target is to have CCTV cameras and Wi-Fi in all trains and all coaches," he said at a press briefing.

Goyal said the total expenditure planned on safety, including Rashtriya Rail Sanraksha Kosh (RRSK), is Rs 73,065 crore in 2018-19. It was Rs 68,725 crore in 2017-18. The RRSK will have Rs 5,000 crore from Capital (Budgetary Support), Rs 10,000 crore from the Railway Safety Fund and Rs 5,000 crore from the Railways? revenue. "In my department, money is never a concern," he said, when asked about the budget for introducing high-end technology in the Railways. Stakeholders in the Railways reacted positively to the thrust on technology.