India-Japan sign Rs 15,295 crores rail project

On March 27, 2020, the JICA (Japanese International Cooperation Agency), a funding agency of the Japanese Government signed an agreement with GoI for 3 mega rail infrastructure projects. The project cost has been estimated as Rs 15,295 crores

Highlights

According to the agreements, Rs 8,553 crores have been granted by the JICA for phase I of the Dedicated Freight Corridors to be constructed in India. Also, JICA has granted Rs 4,262 crores for the Mumbai-Trans Harbour link project. Around Rs 2,480 crores have been granted for the Mumbai Metro Line Project.

Significance

The dedicated freight corridor aims at fulfilling the increased freight transport demand in the country. It will act as a backbone for the Delhi-Mumbai Industrial Corridor development plan.

All the three projects focus on Mumbai as the population in the metropolitan city has increased. Also, several industries have come up in the region. This will also help in reducing pollution levels in the city.

Month: Current Affairs - March, 2020