India Pushes to Modernize its Railways in Annual Rail Budget

February 26, 2015 9:36 AM

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India Pushes to Modernize its Railways in Annual Rail Budget

The Indian government presented its annual railway budget on Thursday, announcing key upgrades including an increase in track length and separate freight corridors. But the moves that were not implemented — a further hike in passenger fares and the introduction of new trains — have been deemed just as significant.

Railways Minister Suresh Prabhu outlined a five-year plan that will see the government monetize its existing assets rather than selling them off, Reuters reports. The New Delhi government led by Prime Minister Narendra Modi will invest over $137 billion in the railways during that period.

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