Approves central financial assistance of Rs 5634 crore in the form of grant and sub-ordinate debt
The Union Cabinet has approved the following proposal:* Construction of Regional Rapid Transit System (RRTS) covering a distance of 82.15 kms. (68.03 kms. elevated and 14.12 km. underground) at a total completion cost of Rs 30,274 crore;
* Central financial assistance of Rs 5,634 crore in the form of grant and sub-ordinate debt;
* Institutional arrangement and legal framework for the project. And
* Conditions of sanction of the project.
The RRTS is a first-of-its-kind, rail-based, high-speed regional transit system to be implemented in India. Once operational, it will be the fastest, most comfortable and safest mode of commuter transport in the National Capital Region (NCR). The project involves integration with other urban transport systems in an efficient and effective manner which is possible only by adopting innovative methods of designing, technology and institutional management.
The RRTS aims to streamline the urban transportation system, which is stressed due to intensive developments, and increase in the number of private vehicles, thus putting stress on travel infrastructure and industrial activities, and by providing the people a safe, secure, reliable, fast and comfortable public transport.
The project is meant to ensure 'Universal Access' by being sensitive to the needs of women, children and vulnerable sections of the society. Safe, secure and comfortable public transport is not only critical for increasing attractiveness of public transport, but also to encourage greater mobility and participation of vulnerable and marginalized sections of the society to promote equity and inclusive development.
The project is proposed to be undertaken by a Special Purpose Vehicle (SPV) namely the National Capital Region Transport Corporation (NCRTC) as a joint ownership of the Centre and State Governments with equal contribution, loan from multilateral/bilateral agency through the Department of Economic Affairs (DEA)/Ministry of Finance (MoF) by generally following wherever necessary, various formalities, CVC guidelines and DPE guidelines as necessary for strengthening corporate governance, ensuring transparency and accountability by increased participation by all stakeholders and by putting relevant information in public domain on the website etc.
Implementation of the RRTS would provide much-needed additional public transport infrastructure to National Capital Region to address issues of congestion, air-pollution and catalyse balanced and sustainable regional development.
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