Indian Railways plan to cut Foreign Exchange outgo on Imports; mulls Global Technology in production of equipment and systems: says Manoj Sinha, MOS (Railways)
पुणे Pune: The Indian Railways plans to cut foreign exchange spend on importing components and systems for the railways by encouraging indigenization of manufacturing of components domestically including a part of it through global technology transfer. The government is mulling bringing in global technology in the production of equipment and systems for the railways, said Manoj Sinha, Minister of State for Railways in Baramati.
This state-of-the-art facility will focus on developing critical and sophisticated components and products for the Railway sector globally.
The Indian Railways have earlier announced the setting up of two plants in Bihar for making locomotives, one involving a transfer of technology joint venture with Alstom.
Sinha inaugurated a high tech locomotive component manufacturing facility at the Bharat Forge Centre for Advanced Manufacturing in Baramati, near Pune.
“Around ₹10,000 crore is spent on overseas imports per year of which nearly ₹2,200 crore is for components,” Manoj Sinha, Minister of State for Railways said.
“We want to cut the import of components by around 20% over the next two years as those produced here are both cheaper and of good quality,” he said, adding that local manufacture of small components and other equipment for the railways will be completely indigenised which will not only cut the import bill but also create employment in India, while that of major ones will move to India in joint ventures with the global companies that have the requisite technology.
Earlier, delivering his address, he said that since independence, railway infrastructure had grown 2.25 times, while passenger and freight traffic had grown by nine and seven times respectively. Around Rs 10,000 crore is spent on overseas imports per year of which nearly Rs 2,200 crore is for components. To fill the gap, the railways will build 20,000 km of new railway line over the next five years, including 10,000 km through gauge conversion.