The Railways is looking to invest over USD 150 billion over the next five years, Minister of Railways Piyush Goyal said adding that it would help create one million additional jobs.
“During the next five years, the Railways alone will be looking at an investment of upwards of USD 150 billion. And when I translate that into jobs, I see a million jobs being created only through investments in the railway sector,” he said.
Addressing an awards function organised by the business daily Economic Times on Saturday, Goyal said that the railways can play an important role in “aggressively pursuing” government agenda to provide safe, secure and comfortable travel.
Goyal said his ministry was also compressing the time taken for complete electrification of rail lines to four years from the earlier plan of 10 years, which would help cut costs by around 30 per cent for the loss-making Railways.
This electrification initiative would help save the national transporter around Rs 10,000 crore per annum on fuel bill, he said.
Earlier this month, the minister said that the Railways would create one million jobs within the next 12 months.
Goyal took over the rail minister after the Cabinet reshuffle in August this year.
(With PIT inputs)