Railway modernization, safety will need $120 billion

New Delhi, Dec 14 (IANS) The modernization and safety of Indian Railways will require Rs.660,000 crore ($120 billion), parliament was told Friday.

The Expert Group for Modernization of Indian Railways has indicated that modernization would need Rs.560,000 crore over the 12th and 13th Five Year Plans, Railway Minister P.K. Bansal said.

The High Level Safety Review Committee has indicated an investment requirement of Rs.100,000 crore over a period of five years, Bansal told the Rajya Sabha.

While the modernization group was headed by Sam Pitroda, the safety committee was chaired by Anil Kakodkar.

The minister said the recommendations of both the panels were under examination in the railway ministry.

"The actual requirement of resources for modernization and safety would depend on the recommendations accepted by the government," he said.

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