Indian Railways offers manufacturing opportunities worth 4 bln USD to industry

Source: Xinhua| 2020-01-15 18:38:25|Editor: xuxin
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NEW DELHI, Jan. 15 (Xinhua) -- The Indian Railways has offered new business opportunities in the manufacturing sector worth 28,000 crore Indian rupees (4 billion U.S. dollars) across various areas such as rolling-stock manufacturing, sub-assembly or component manufacturing, machinery and tool manufacturing, and project execution.

As per a new report of Opportunities for Capital Goods Industry with Indian Railways and Metros, prepared by the Capital Goods Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI), there are various opportunities for capital goods sector under ambitious construction projects such as high-speed rail and dedicated freight corridors for the Indian industry.

The report also highlighted that the Indian Railways had undertaken high priority initiatives such as electrification, rolling-stock upgrade, track expansion, besides metro projects in multiple cities which were in various stages of execution.

It further said the Indian Railways' capital expenditure for 2019-20 was 1.3 lakh crore Indian rupees (18.5 billion U.S. dollars), while the total budget for 2019-20 stood at 1.59 lakh crore Indian rupees (22.7 billion U.S. dollars).

The report was released by Secretary in the Department of Heavy Industry Arun Goel and Chair of the FICCI's Capital Goods Committee Shailendra Roy.

Speaking on the occasion, Roy said the Indian Railways was the lifeline of India's social and economic structure. Industry participation is a must for next generation of upgrades and expansion in Indian Railways' infrastructure and network, he said.