12 December, New Delhi
Japan Saturday became the first country to be the part of Indias ambitious and much awaited High-Speed Rail project for which a Memorandum of Understanding (MoU) was signed here today after a bilateral meeting of Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe.
The MoU is seen as a launchpad for revolution in Indian Railways and speed up countrys journey into the future as well as becoming an engine of economic transformation in India. The first ”Bullet Train” will run on the Mumbai-Ahmedabad corridor and will be based on Shinkansen Technology which is known for its speed, reliability and safety.
The length of the tracks on which the train will run is a 508 Km line, costing a total of Rs 97,636 cr, which is to be implemented in a period of seven years. As per the agreement, Japan has offered an assistance of over Rs 79,000 crore for the project. The loan period is for 50 years with interest rate of 0.1 per cent and is covered with a moratorium of 15 years.
Shinkansen Technology will be adopted for the MumbaiAhmedabad High SpeedIt will become an engine of economic transformation in India. Rail Project. The cooperation of Japan on this project will also be fixed on transfer of technology and Make in India programme. Japan will assist India in training personnel for the High-Speed Rail.