Twitter
Advertisement

Shinzo Abe visit: Maha expects push to metro, trans harbour link projects

According to MMRDA officer, the Rs 1.08 lakh crore Mumbai Ahmedabad bullet train will turn out to be a game changer for the state

Latest News
Shinzo Abe visit: Maha expects push to metro, trans harbour link projects
FacebookTwitterWhatsappLinkedin

Maharashtra government hopes that Japanese Prime Minister Shinzo Abe's visit will help in early release of funds for the metro and trans harbour link projects from the Japanese financing agencies. Besides, the state industries department expects Japanese companies to invest in automobile and auto ancillaries, manufacturing, electronics and retail sector especially in the wake of series of policy decisions taken to improve ease of doing business.

Mumbai Metro Rail Corporation managing director Ashwini Bhide told DNA, "Japan International Cooperation Agency (JICA) is providing 57% loan for the Colaba-Bandra-SEEPZ metro line which entails total investment of Rs 21,000 crore. Already JICA has released the first tranche of Rs 4,500 crore. JICA has launched the process to approve second tranche of Rs 5,000 crore.'' She admitted that the Japanese PM's visit will help an early approval of the second tranche.

She informed that JICA will disburse the total loan of Rs 13,900 crore in five years.

Further, the Mumbai Metropolitan Region Development Authority (MMRDA) expects the release of first tranche of loan for the much ambitious Mumbai Trans Harbour Link (MTHL) project connecting Mumbai and Navi Mumbai. JICA will provide 80% loan of the total cost of Rs 17,843 crore required to construct 22 km six lane link project.

MMRDA officer said, "JICA board has taken a decision to provide loan for MTHL project and it has initiated the process to release the first tranche."

According to MMRDA officer, the Rs 1.08 lakh crore Mumbai Ahmedabad bullet train will turn out to be a game changer for the state. '' Construction of the project is scheduled to begin in 2018 and completed by 2023. This is expected to increase job opportunities and investment opportunities in services sector in addition to manufacturing,'' he noted.

FICCI in its report said Japanese Shinkansen technology for the Mumbai-Ahmedabad High Speed Rail (MAHSR) Project will be a major development in further strengthening relations between two countries. The Shinkansen, known for its speed, reliability and safety, is seen in India as vehicle to embark on a high-growth trajectory through better connectivity, on the lines of Japan's own transformation half a century ago.

Japan India Business Council president Shrikant Atre observed that Japanese investors can invest in retail, manufactured food, auto and auto ancillaries, nuclear power in Maharashtra. "However, the state government will have to address investors' concerns with regard to higher infrastructure costs or taxes or labour costs on a priority basis. Maharashtra has every potential to become a favoured choice for Japanese manufacturers,'' he said.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement