Funding
To fund the ambitious Rs 1,10,000-crore project, a loan of Rs 88,000 crore will be taken from Japan. The Japan International Cooperation Agency (JICA) will fund it at a low rate of interest of 0.1% per annum. This loan has to be repaid to Japan in 50 years, with 15 years grace period.
Training and job creation
The government said it will create around 15 lakh new jobs in India.
A dedicated High Speed Rail Training Institute will train about 4,000 technical staff of the bullet train project, The Indian Express report said.
The Japanese government has also offered training of Indian Railways officials in Japan besides reserving fully-funded seats for the Master’s course in the universities of Japan for them.
Second bullet train project
The Indian Railways will launch the country’s second high-speed train from Delhi to Amritsar via Chandigarh. The train will run on standard broad gauge and the project shall be completed by 2024. The proposed train will cover the 458-km-long route in 2 hours and 30 minutes running at a speed of 300-350 kmph, reducing the travel time between New Delhi and Amritsar by about two and a half hours.
Proposed stops will be Ambala, Chandigarh, Ludhiana, Jalandhar. The fare will be fixed equivalent to that of Shatabdi’s AC executive class.
Japanese experience
Japan is a pioneer in high-speed rail networks, and its Shinkansen bullet train is among the fastest in the world. India will also get the safe Shinkansen technology but it would manufacture parts in the country under ‘Make in India’.
Shinkansen, meaning ‘new trunk line’, are trains shaped like bullets that run at the speed of 320 kmph. They have become a symbol of the country’s progress and technological advancements after the World War 2. Shinkansen have a reputation for punctuality and safety. The trains have never been in any accident since 1964, when they were introduced. The staff is asked to give an explanation if the trains are more than a minute late, a report in Economic Times said.