Ahmedabad: Prime Minister Narendra Modi along with Japanese Prime Minister Shinzo Abe will lay the foundation stone for India’s first bullet train project.
On Thursday, September 14, India will start working on its first bullet train, the Mumbai-Ahmedabad High speed Rail (MAHSR). Modi and Abe will lay the foundation stone together. The Japan International Cooperation Agency (JICA) will fund the project. A loan of Rs.88, 000 crore will be taken from Japan at a low rate of interest of 0.1 percent per annum. This loan has to be repaid in 50 years, with 15 years grace period.
As per the reports, there will be two types of bullet trains with different speeds. One is a high speed train and it will take 2.58 hours to reach the destination. The other is rapid high-speed train which will only stop at major stations and cover the distance in 2 hours, 7 minutes. The fare could be between Rs 3000 to Rs 5000.
The MAHSR is scheduled for completion in December 2023 but the railways is focused to start it in August 2022, keeping in view the Independence Day celebrations. This project will create around 15 lakh new jobs in India.