Railway mulls China-style IRRC entity for rolling stock
In an ambitious initiative, the railway ministry is looking to corporatize all its manufacturing units (rolling stock, locomotive and wheels) under a single entity, and the plan has been listed in the 100-day roadmap of the railway. The new single entity - the Indian Railway Rolling Stock Company (IRRC) - will be one of the biggest rolling stock companies in the world, beating bigwigs like Siemens, Bombardier, GE, among others. The idea of IRRC has been modeled along the lines of China's CRRC Corporation Limited, which was established by amalgamating around 40 big and small manufacturing units into one corporate entity in 2015, and is the largest rolling stock company in the world. IRRC will also take care of the bottom line. The FM during the Union Budget presentation indicated that the Centre does not have the fiscal space to make the kind of heavy investments that are required to modernize Indian Railways. Hence, the PPP model is being considered by the national transporter. The modernization of Indian Railways needs an investment of ₹50 lakh crore by 2030. Indian Railways capital outlay is just around ₹1.6 lakh crore per annum, and even completing the sanctioned railway projects would take decades. In its 100-day plan, Indian Railways has proposed to invite private companies to own and operate trains on select routes and also to corporatize seven of its production units that manufacture coaches, engines, and wheels.
📅Published on:
23 July 2019
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