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Japan offers Rs 90,000 crore for India’s 1st bullet train project

DELHI

Japan has offered India a loan of Rs 90,000 crore for its first bullet train project at an interest rate of less than 1% in a bid to beat competition from other countries including China. Japan has also offered technology for the ambitious rail project.

The project envisage a high rail corridor between Mumbai and Ahmedabad.

As per reports in the media, Japan International Cooperation Agency (JICA) sees the travel time between the two cities reducing to two hours from the current seven with the building of the corridor with the bullet train running at speeds of around 300-350 km/hour.

Railways Ministry sources told the Press Trust of India (PTI) that while there were many countries offering the high-speed technology for the project, Japan has offered both technology and funding. The JICA team presented a report to Railway Ministry in July for the same. The report among other data presented traffic forecasting, alignment surveys and comparative study of high-speed railway technology.

PTI also reported that Japan has offered to meet 80% of the project cost given that India buys 30% of the needed equipment from Japanese firms.

 

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