India and Japan have decided to co-finance a joint feasibility study on a high-speed railway line on the Mumbai-Ahmedabad route.
A joint statement at the end of the summit level meeting between Prime Minister Manmohan Singh and his Japanese counterpart Shinzo Abe here on Wednesday said that Dr. Singh noted Japan’s interest in supporting the introduction of high-speed trains in India and appreciated its high level of expertise in designing and implementing high-speed railway (Shinkansen) systems.
He also conveyed that India would plan such projects based on its infrastructure priorities, commercial viability and financial resources.
Shinkansen or ‘Bullet Train’ is a network of high-speed railway lines operated by four Japan Railways Group companies. Starting with the Tôkaidô Shinkansen (515.4 km) in 1964, the network has expanded to 2,387.7 km of lines with maximum speeds of 240–320 km per hour.
The statement said the Prime Ministers welcomed the signing of the Exchange of Notes for yen loan totalling 71-billion yen ($0.7 billion) for the Mumbai Metro Line-III project.
Dr. Singh appreciated Mr. Abe’s pledge for the Campus Development Project of Indian Institute of Technology, Hyderabad (Phase-2) for 17.7 billion yen.