New Delhi: Taking a step further towards realisation of a bullet train between Mumbai and Ahmedabad, NITI Aayog Vice Chairman Arvind Panagariya, along with Railway Board Chairman 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 high-level team, led by Mr Panagariya, consisting of top bureaucrats from Department of Economic Affairs, Department of Industrial Policy and Promotion, and External Affairs has left for Japan on Friday, 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 government's 'Make in India' initiative.
The team will also discuss the finalisation of the general consultant for the Rs 98,000 crore flagship project with senior Japanese officials including Hiroto Izumi, Special Advisor to the Japanese PM, 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 metropolises takes about 7 hours.