Indian Railway Minister has said that the country needs $30 billion to complete outstanding rail projects after failing to secure funding.
The minister admitted that investment was needed to finish 347 projects, including laying of new tracks, gauge conversion and doubling of tracks.
The minister informed the upper house (Rajya Sabha) of the parliament, that the ministry is only able to generate $1 billion annually for projects.
In order to generate the necessary funds, Indian Railways has approved the policy framework for private participation.
Due to various demands made by member of parliaments, Indian Railways has made announcements without taking budget allocation into account, the minister said.
Indian Railways has taken several steps to generate additional funds by nationalising the projects, public private partnership, defence funding and working on bankable projects.
