The Indian government presented its annual railway budget for 2015 and said that it will invest $137 billion over the next five years to modernize its aging railway network. Railway Minister Suresh Prabhu said that while there will be no increase in the heavily subsidized passenger fares, freight fares will increase for several commodities including cement, coal and coke, iron, steel, and petroleum products. Prabhu ruled out privatization of the Indian railways, and said that funds to modernize and expand the railways will be raised from infrastructure and pension funds, multilateral lenders, and “monetization” of railway assets.
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