Presenting the Narendra Modi's first Railway Budget, Railway Minister Sadananda Gowda today proposed foreign direct investment (FDI) in building railway infrastructure.
Current policy only allows foreign direct investment in urban metro projects. Mr Gowda said the ministry will move a proposal in this regard to the Cabinet soon.
The Railway Minister, however, clarified that FDI would not be allowed in railway operations.
Highlighting the need to attract foreign funds, Mr Gowda said the Railways spends over 94 per cent of the revenues it earns, leaving it with little funds for infrastructure upgradation.
The bulk of India's future railway projects will be financed through public-private partnerships, Mr Gowda said in his maiden budget.
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