We are looking at introducing hyperloop: Rail Minister Piyush Goyal
ET Bureau|
Updated: Feb 24, 2018, 11.33 PM IST
The government is thinking of 360 degree solutions in terms of setting things in order for the infrastructure sector, Railway and Coal Minister Piyush Goyal said on Saturday.
Speaking on the rising NPAs of banks, the minister said that there was dubious and unjustified lending during the UPA government days and since 2014, when the NDA government came to power, banks have been asked to do only prudent lending.
He said India’s infrastructure sector was hit because companies that did not have the right intentions were awarded loans and the money was never invested in projects.
“The fall in credit growth is because we are not giving loans to businesses that don’t have the right credentials,” he said, speaking at a session on “Transforming India’s Infrastructure: Sustaining the Momentum” at the Economic Times Global Business Summit.
He added that the NDA government led by PM Narendra Modi has moved the needle from century-old Railways to not only connect with the most modern technology but also look into the future.
“We have increased the capex of Railways by three times in the last four years. Results have started showing. But you cannot wish away the past,” Goyal said. “In that sense, if you look at the infrastructure, the baggage that has been inherited will also has to be sorted.”
Goyal said the Railways was still working on a century-old technology and the government has now decided to leapfrog and bring in new technologies such as hyperloop. “Large part of technology is 100 years old.
Last innovation was some 40 years ago when Rajdhani (train) was introduced. Bullet train is just one of the technology interventions in Railways,” he said. “We are now looking at introducing the hyperloop. India has a unique opportunity to leapfrog the technology and we could be a manufacturing hub for all these technologies which can serve rest of the world,” he added.
The minister said the signalling system of Railways was been transformed to increase the capacity. “We are giving bundled contracts to companies so that they can manufacture in India and reduce costs by 20% by achieving economies of scale.”
Speaking on the rising NPAs of banks, the minister said that there was dubious and unjustified lending during the UPA government days and since 2014, when the NDA government came to power, banks have been asked to do only prudent lending.
He said India’s infrastructure sector was hit because companies that did not have the right intentions were awarded loans and the money was never invested in projects.
“The fall in credit growth is because we are not giving loans to businesses that don’t have the right credentials,” he said, speaking at a session on “Transforming India’s Infrastructure: Sustaining the Momentum” at the Economic Times Global Business Summit.
He added that the NDA government led by PM Narendra Modi has moved the needle from century-old Railways to not only connect with the most modern technology but also look into the future.
“We have increased the capex of Railways by three times in the last four years. Results have started showing. But you cannot wish away the past,” Goyal said. “In that sense, if you look at the infrastructure, the baggage that has been inherited will also has to be sorted.”
Goyal said the Railways was still working on a century-old technology and the government has now decided to leapfrog and bring in new technologies such as hyperloop. “Large part of technology is 100 years old.
Last innovation was some 40 years ago when Rajdhani (train) was introduced. Bullet train is just one of the technology interventions in Railways,” he said. “We are now looking at introducing the hyperloop. India has a unique opportunity to leapfrog the technology and we could be a manufacturing hub for all these technologies which can serve rest of the world,” he added.
The minister said the signalling system of Railways was been transformed to increase the capacity. “We are giving bundled contracts to companies so that they can manufacture in India and reduce costs by 20% by achieving economies of scale.”
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