Railways on fast track to 11 pc growth look for PPP

New Delhi, June 15 (UNI) The Railways, on fast track to achieving 11 per cent growth rate, today said public-private partnership(PPP) had become indispensable for achieving their massive expansion and modernisation plans.

There are about 230 projects requiring over Rs 50,000 crore and it is in this context that the Railways need funds to ensure all round growth in various sectors.

''The Public Private Partnership offers several models for adoption by Railways and there are connected legal issues involved, but Railways have to adopt a model best suited to it in terms of productivity, efficiency and cost effectiveness,'' Railway Minister Lalu Prasad said here.

He was speaking after inaugurating the 'Public Private Partnership Convention -- India Rail.' The Minister specifically mentioned the Dedicated Freight Corridor project in this regard which will need Rs 25,000 crore. The implementation of this project will not only ensure fulfillment of the demands of the transport sector, but also allow faster passenger trains on the tracks, he said.

He Railways were liberalising their policies and the Convention on Public Private Partnership was one of the steps to help implement railway projects in the country.

The Minister of State for Railways Naranbhai J. Rathwa said the Railways had made a significant turnaround in terms of revenue, freight and passenger traffic.

It is in this context that the Convention assumes significance, he said.

Minister of State for Railways R Velu, in his remarks, said the framework of policies designed for PPP should ensure maintenance of standards of services and the award of concessions should be transparent.

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