In February of 2007, J.P. Batra, Railway Board chairman at the time, presented the idea of a high-speed rail to then Railway Minister Lalu Prasad Yadav. A socialist inspired by Jayaprakash Narayan, Yadav said his principles would never allow a premium train only the bourgeoisie could afford.
Batra, already credited with the Deccan Odyssey, a luxury tourism train, was so keen on the project that he defied the minister and convinced Prime Minister Manmohan Singh to give the green signal. Batra and Finance Commissioner R. Sivadasan visited Gujarat and other states without even informing Yadav.
The Railway Board even considered a proposal to fund the project on the lines of the Cochin International Airport Ltd, the first airport in the country to operate under a public-private partnership with a robust stakeholder base of 19,000 investors, mostly non-resident Indians.
At that time, the estimated cost for the Ahmedabad-Mumbai route was ₹25,000 crore.
Sivadasan and his peers hail the Gujarat trip as the turning point for the project. The state government, under the then Chief Minister Narendra Modi, not only promised its unconditional support but also approved ₹10 crore for a feasibility study in Gujarat within a matter of hours.
Railway veterans say this sowed the seeds of the flagship Bullet Train project of the Bharatiya Janata Party government under Prime Minister Modi when he took charge in 2014.
As Batra signed off from the Railway Board in 2007, the project went off track. Two years later, though, socialist leader Yadav took a bullet train journey between Tokyo and Kyoto.
Esta historia es de la edición November 13, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 13, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Global hunger crisis deepens as major nations skimp on aid
It's a simple but brutal equation: The number of people going hungry or otherwise struggling around the world is rising, while the amount of money the world's wealthiest nations are contributing toward helping them is dropping.
Statesman who shaped India with his vision and resolve
Today, 25th December is a very special day for all of us. Our nation marks the 100th jayanti of our beloved former Prime Minister, Shri Atal Bihari Vajpayee Ji.
Bhaker accepts 'lapse' on her part amid Khel Ratna row
Paris Olympics' double bronze-medallist Manu Bhaker on Tuesday admitted that \"there has been a lapse maybe on my part\" while filing nominations for this year's National Sports Awards amid a raging controversy over her exclusion from the list of Dhyan Chand Khel Ratna awardees.
Consumer fickleness on the rise as phygital shopping takes root
Omnichannel shopping, or the phygital (physical and digital) experience, is gaining traction as the preferred way to shop among Indian consumers, who are increasingly forsaking physical stores. However, customer loyalty is becoming increasingly fickle, as consumers frequently switch brands and retailers.
The charts Indian policymakers should worry about
In a series of recent pieces, we have been arguing that the just-ended Reserve Bank of India (RBI) regime made a radical change in exchange rate policy, which reduced export competitiveness and rendered monetary policy inappropriate for a slowing economy.
Manipur, Bihar, other states get new governors
Former Union Home Secretary Ajay Kumar Bhalla has been appointed the governor of strife-torn Manipur, ex-Army chief Vijay Kumar Singh is the new Mizoram governor while Kerala Governor Arif Mohammed Khan has been shifted to Bihar as part of gubernatorial appointments effected by President Droupadi Murmu on Tuesday.
BCs meet Irdai, seek consent to sell insurance products
The Business Correspondent Resource Council (BCRC) has made a pitch to the Insurance Regulatory and Development Authority of India (Irdai) that field agents be allowed to hawk insurance products.
Credit card spend falls 16% in Nov after festival high
Decline due to moderation in consumer spending; issuances come down
Caramelised popcorn in theatres may stay in 5% slab
Single rate on sale of all old, used vehicles, including EVs
Indo Farm Equipment listing to open for subscription on Dec 31
Indo Farm Equipment on Tuesday fixed a price band of ₹204 to ₹215 per share for its initial share sale that opens for public subscription on December 31.