New Delhi

Taking a step further towards realisation of bullet train between Mumbai and Ahmedabad, NITI Aayog vice-chairman Arvind Panagariya along with Chairman Railway Board A K Mittal and several top bureaucrats, has gone to Japan to discuss a way forward for India’s dream project.

The government has floated National High Speed Rail Corporation with a paid up capital of Rs 200 crore to implement the bullet train project.

The Pangariya-led high-level team consisting of top bureaucrats from Department of Economic Affairs, Department of Industrial Policy and Promotion, and External Affairs has left for Japan yesterday, said a senior Railway Ministry official.

The Indian team will explore the possibilities of participation of Japanese companies in the bullet train project under the Make in India initiative.

The high-level team will also discuss the finalisation of the general consultant for the Rs 98,000 crore flagship project with senior Japanese officials including the special Advisor to Japanese PM Hiroto Izumi on May 16 in Tokyo.

The general consultant oversees the project design and other related issues involved with the high speed train.

The mega project is being financed by the Japan International Cooperation Agency (JICA), which is providing a loan of about Rs 79,380 crore, which amounts to 81 per cent of the total project cost.

Japan has given the soft loan at an interest of 0.1 per cent, with a tenure of 50 years and a moratorium of 15 years.

India will get the latest version of the Sinkansen, the Japanese bullet train, to cover the 508 km distance between Mumbai-Ahmedabad in 2.07 hours at more than 300 km per hour speed.

Currently, the fastest train between the two metropolis takes about 7 hours.

PTI