Indian Railways, which is on an ultra fast track of modernisation and expansion requiring tens of billions of dollars, is mulling the possibility of tapping the huge financial potential of the non-resident Indian community, especially in the Gulf, to raise part of the funding. Indian Railways Minister Suresh Prabhu, who is on a UAE visit, said his ministry is examining various measures to bring overseas investments into Indian railways.

As the world's second largest rail network operated under a single management, Indian railways haskm of track length and runs 12, trains to carry over 23 million passengers daily. He believes Indian railway requires a private-public partnership policy framework along with detailed and clear roadmap for implementation of projects on PPP mode.

Speaking to Khaleej Times, Prabhu, who has been on a mission to reinvent the year old railways, said he hoped that byrailway services would be benchmarked globally when the safety systems and record of the Indian railways must be the best in the world.

Addressing a reception meeting on Monday held by Indian Chartered Accountants Institute Dubai Chapter, the minister said China is investing every year what India plans to invest in five years. Present at the reception were Indian Ambassador Navdeep Singh Suri, and Indian Consul General Anurag Bhushan.

Among the ambitious roadmap of a technology-driven expansion and modernisation programme are the re-development of about railway stations, ultra high-seed trains, enhancement of safety features, mechanisation of track maintenance works, development of multi-modal logistics park, and modernisation and renovation of railway workshops.

Indian railways is working with six global companies for the development of ultra high-speed trains in India running at a speed between and kmph.

One of the major aims of railways is energy and cost savings.

Investment Options for Non-resident Indians (NRIs)

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Filed on March 7, Last updated on March 7, at Issac John Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards.

Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.

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