January 19, 2015 1:44 PM

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Govt will fully protect interest of Railways while allowing FDI: Suresh Prabhu

Railway Minister Suresh Prabhu today stressed the need for infusing capital investment and Technology into the Railways through Foreign Direct Investments, FDIs. However, he ruled out any possibility of privatisation of Indian Railways. The Minister was addressing a National Seminar on Public-Private Partnership, PPP and FDI in Indian Railways, in Hyderabad this morning. The Minister assured on the occasion that the interests of Indian Railways will be fully protected while allowing FDI and private investments in select areas like fright corridors and port connectivity. Stating that Indian Railways must be made the engine of future growth of Indian economy, he stressed the need to expand railways. Governor of Andhra Peadesh and Telangana, ESL Narasimhan asked the government to priorities projects based on the needs of the people. He said, there is an urgent need to make all unmanned level crossings, manned, on priority. The Minister also flagged off two new trains, Secunderabad-Visakhapatnam AC Weekly Express and Nanded-Aurangabad Express at Secunderabad. Talking to reporters, after flagging off two new trains, the Railway Minister said, a Special Purpose Vehicle, SPV has been proposed to be set up to work between State and Centre with respect to railway projects for states like Andhra Pradesh. He made it clear that sanctioning new projects does not mean only budget and said that various models of states taking more responsibility for implementing railway projects, are under consideration. Earlier, he assured that the demands from AP and Telangana will be fulfilled to the maximum extent possible. He also announced on the occasion, a new train between Tirupati and Shirdi. Speaking on the occasion, Labour Minister B Dattatreyya stressed the need for allocating sufficient funds for wagan factory coming up in Warangal.

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