He said there was a need to create new financial instruments in the country, and suggested that using the Pension funds was one such possibility.
Speaking at the ET Business Summit on Saturday morning, the minister said that railways had the potential to help achieve Prime Minister Narendra Modi's vision of making India a $ 20 trillion economy. That is why it was imperative to develop railways in order to derive immense downstream benefits.
Prabhu said that private sector participation was needed to bring in funds into railways. He said that railway finances were in a very bad shape and the sector had sunk into a vicious circle. "There is little investment which is causing deterioration of service which in turn has made railways a less attractive sector for more funds, " the minister said.
He expressed optimism of developing railways at the rate of 3 per cent every year, so that the country's economy could continue to grow at over 9 per cent.
Source: The Economic Times
Railways has Potential to Fulfil PM Modi's Dream of Making India a $20-tn Economy Suresh Prabhu at ET GBS