India to invest $120bn in railway

The Indian government Saturday said it is likely to infuse 120 billion U.S. dollars to revive its ailing state-owned railways.

"The Indian government is planning to invest 120 billion U.S. dollars for developing railways in the next five years," Indian Railways Minister Suresh Prabhu said.

"The investments in railways will be higher in the future."

The minister also appealed to foreign companies to come to India, collaborate and manufacture, saying India has the advantage of skilled manpower, big market and large manufacturing base.

He stressed that the need for launching "Zero Accident Mission" with a definite time frame.

"This requires integrated approach involving use of cost effective advanced technology and properly trained manpower," he said at a two-day international railway convention.

"We should focus on global benchmarks. We should try to develop indigenous cost-effective systems having global standards suitable for Indian Railways."