World Bank Okays $245 Million Loan For Railway Modernisation
NDTV
Indian Railways is the fourth-largest rail network in the world having transported 1.2 billion tonnes of freight in the fiscal ending March 2020
The World Bank has approved a $245 million loan to support India's efforts to modernise rail freight and logistics infrastructure, the international financial institution said in a statement on Wednesday.
The Rail Logistics project will help India shift more traffic from road to rail, making transport - both freight and passenger -- more efficient and reducing millions of tonnes of greenhouse gas emissions (GHG) each year. The project will also incentivise more private sector investment in the railway sector.
Indian Railways is the fourth-largest rail network in the world having transported 1.2 billion tonnes of freight in the fiscal ending March 2020. Yet, 71 per cent of India's freight is transported by road and only 17 per cent by rail.
The statement also said that the capacity constraints of Indian Railways have limited the volumes and reduced the speed and reliability of shipments.
