Prabhu Assures Investment-friendly Framework in Railways

Published: 06th December 2014 06:05 AM  |   Last Updated: 06th December 2014 06:05 AM   |  A+A-

NEW DELHI: In a move aimed at attracting private investments, Union Railway Minister Suresh Prabhu on Friday assured investors of hassle-free procedures, faster clearances, changes in the contract clause and an investment-friendly framework to facilitate sustainable long-term investment in the rail sector. The Railways is also planning road shows abroad as part of the efforts to woo foreign investors.

“Road shows will be held in select countries like Singapore, Japan, South Korea, US, France and Belgium to attract investors in the rail sector,” said Railway Board Chairman Arunendra Kumar, adding that the Railways is looking for new technology, funds and best practices from overseas.

The Railways for the first time held an investors’ meet at Rail Bhavan, seeking a feedback on the obstacles and possibilities of FDI in railway infrastructure and maintenance activities. Over 100 delegates from 65 major companies attended the meeting ith discussions ranging from proposals,possibilities and processes for FDI.

The participants included representatives from the Chambers of Commerce, Railway PSUs, PSUs of Ministry of Heavy Industry, investment consultants, investment bankers, infrastructure sector, construction sector, port sector, rolling stock manufacturers and raw material manufacturers among others.

Prabhu said the Railways would continue to be run by the government and private participation would be welcomed in the infrastructure sector. He said that a framework was needed for facilitating sustainable long-term investment in the sector. “It is necessary to balance the interest of stakeholders including railway employees and railway users, investors and the government so as to make the Railways a vibrant and efficient enterprise. Railways has the obligation to protect its vast fraternity of employees and at the same time look after the interests of its users,” he said.

The Centre has approved 100 per cent FDI in various railway activities except railway operations.

An overview of the framework for different participative models, projects to be undertaken through procurement contract and sectoral guidelines for domestic and FDI was launched. Investors have been asked to study and give their suggestions on the same at the next meet scheduled for early 2015.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp