Government constitutes Arvind Panagariya committee to fast-track bullet train project

Union Government has constituted a committee to fast track the Mumbai-Ahmedabad High-Speed Rail Corridor, meant for connecting two cities with bullet trains.
The committee is tasked to interact with the Japanese counterpart for taking further steps in implementation of Mumbai-Ahmedabad High-Speed Rail Corridor.
Members: The committee will be headed by Arvind Panagariya, vice-chairman of the NITI Aayog. It will also include Railway Board chairman, foreign secretary and secretary (industrial policy) and secretary in the department of expenditure as its members.
Mumbai-Ahmedabad High-Speed Rail Corridor: It will be 500km long and will be connecting both trains at the cost of the project will be 98,000 crore rupees.  Japan will invest 78, 000 crore rupees making it largest foreign investment in railway sector of India.
Background

• Recently, Union Cabinet had had given its nod to bullet train project making it first of its king bullet train project with the help of Japan for funds and technology.
• Cabinet approval was based on the recommendations of a committee headed by Panagariya which had favoured Japan over China due to the low-cost funding also commitment for technology transfer and local manufacturing for a specified period.

Month: Current Affairs - January, 2016