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Japan gives soft loan to India to kickstart its bullet train project
India’s first high speed rail connection has been initiated with the Indian Prime Minister Narendra Modi and Japanese counterpart, Shinzo Abe laying down the foundation stone for the project which is going to kickstart early next year.
The bullet train line will run along India’s west coast, between Ahmedabad and Mumbai, some 530km to the south.

The project is being funded by a 0.1 % interest loan from Japan and more than four – fifths of the project will be funded by the soft loan from Japan. The loan amount is Rs. 88, 000 crore. This is below the market rate of inflation.

As per reports, the estimated cost for the project is between $17 billion and $ 19 billion. This loan aims to solidify the bond between India and Japan to counter China’s influence across Asia.

The Indian Prime Minister thanked Shinzo Abe, who “gave a loan of 88, 000 crore rupees” for the project which “will add speed to India’s growth”.

The train will have a maximum speed of 350km/h, more than twice the speed of India’s current fastest train, and will cover over 500km in around two hours. The project is expected to be completed by 2022.

The bullet train was a key part of Modi’s election campaign in 2014 and claims the project will create about 36, 000 jobs.
Posted on: 2017-09-26 11:30:32





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