Bullet Train project: JICA gives 3rd tranche of Rs 6K-crore loan

Mumbai: The Japan International Cooperation Agency (JICA) has decided to give the third tranche of Rs 6,000-crore for the upcoming Ahmedabad-Mumbai High-Speed Rail, or the Bullet Train project, an official said here on Monday.

The Official Development Assistance (ODA) agreement of Japanese Yen (JPY) 100,000-million (@ Rs 6,000 crore) was signed between JICA India Senior Representative Watanabe Jun and Ministry of Finance Additional Secretary R.K. Mishra.

The project aims to develop a high-frequency mass transportation system by building the high-speed rail between Ahmedabad and Mumbai, using Japan’s Shinkansen technology or ‘Bullet Train’ and enhancing mobility in the country for regional economic development.

Jun said that the project has become a symbol of India-Japan collaboration with Japan introducing its high-speed rail technology for India’s first such initiative, slated to cost around Rs 1.08 lakh crore, with over 80 per cent funding through a loan from JICA.

“We have witnessed great progress in the civil works so far. The day is approaching when the Shinkansen System developed in the project will contribute to region-wide economic and social development to generate incomes for local residents,” Jun remarked.

Besides simplifying mobility and ease of connectivity with a safe and reliable inter-city transport system, the collaboration will ensure technology transfer to boost the Make in India drive.

Earlier, in 2017, the JICA had provided around JPY 250,000 million (@ Rs 18,000 crore) for the 508 km long project being implemented by National High-Speed Rail Corporation Ltd.

The pet initiative of Prime Minister Narendra Modi, the Bullet Train project was scheduled to be completed by 2022-end, but has been plagued by delays in both Gujarat and Maharashtra and maybe only partially operational by 2028.

 

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