Japan has offered to finance Rs.90000 crores loan including the technologies for the India’s ambitious bullet train project. Various countries including China had bid for this high speed bullet train project in India. Japan offered the loan of Rs.90000 with interest rate of less than one percent.
On the head of Modi government had introduced Diamond Quadrilateral bullet train project which was another dream of Prime Minister. Many companies including six reputed companies from various countries like Germany, France, Italy and China had heavy competition and bid for this project.
Diamond Quadrilateral projects aims at connecting Delhi, Mumbai, Kolkata and Chennai with High speed bullet railway which is over 10,000 km.
Japan International Corporation Agency (JICA) had offered to finance 80% of the total cost with the technologies of the bullet railway project from Mumbai - Ahmadabad. This will reduce the travel time over 7 hours to around 2 hours of about 505 km, the bullet train with the expected speed of around 300-350 km/hour.
Japan is offering both high speed technologies and funding together among the many countries on the condition that India has to buy 30 percent of the equipment including the coaches and locomotives from their firms says the source.
Last month China had won the bullet railway project from Mumbai – Delhi distance of about 1200 km and cost also more than the double with no loan yet offered. China has won the Indonesia’s first bullet train project recently that made Japan to battle against china by offering this.
JICA had already handed its report to India with the details of the projects and cost estimation. The government is now in process and decision is to be taken in few weeks about this Japanese proposal says the Indian Railway officials.
Indian railway department at present needs the high safety and to modernize the railway in order to reduce the railway accidents and to save the traveling time which carries millions of people daily.