JICA, Central govt ink Rs 15,295 cr loan pacts for rail infra projects
The money is for DFC, MTHL and Mumbai Metro-Line 3
Japanese government funding agency, Japan International Cooperation Agency (JICA) has inked agreements totalling Rs 15,295 crore with the Central government for three mega rail infrastructure projects.
Under these agreements, JICA has granted Rs 8,553 crore for Phase-I of the Dedicated Freight Corridor; Rs 4,262 crore for Mumbai Trans Harbour Link Project (II) and Rs 2,480 crore for the Mumbai Metro Line-3 Project (III).
The Rs 8,553 crore loan for the Dedicated Freight Corridor (DFC) project (Phase-I) comes with the objective to cope up with the increase in freight transport demand in India by constructing new dedicated freight railway system between Delhi and Mumbai. It will promote comprehensive regional economic development along the freight corridor as the backbone of the Delhi-Mumbai Industrial Corridor (DMIC) development plan.
The Western DFC project is an important part of the Delhi-Mumbai Industrial Corridor (DMIC) initiative, which is part of the Japanese-Indian collaborative project aimed at comprehensive regional development.
In this Phase-I project, a new 950 km freight line (Rewari to Vadodara) connecting the major cities in Gujarat, Rajasthan, and Haryana states is being constructed. The project will help in creating India's largest industrial belt in DMIC area by linking the industrial parks and harbours of the states between Delhi and Mumbai in order to promote foreign export and direct investment.
Dedicated Freight Corridor Corporation of India (DFCCIL) is the executing agency of the project.
The construction of the Mumbai Trans Harbour Link (MTHL) will connect Mumbai with Navi Mumbai. It will mitigate traffic congestion and promote economic development. This loan agreement is the second tranche of JICA financing for MTHL, and the loan agreement for the first tranche was signed on 31 March 2017, for an amount of Rs 7,912 crore.
The Rs 2,480 crore loan assistance for construction of the Mumbai Metro Rail Project will help to cope up with increase in freight transport demand in India by constructing new dedicated freight railway system between Delhi and Mumbai. The Mass Rapid Transport Systems also help in reducing pollution caused by private vehicles and improving living conditions.
With a total of 33.7 km, entailing 26 stations, Line-3 (Colaba-Bandra-SEEPZ) is planned to connect southern Mumbai with the major activity areas like the Bandra Kurla Complex (BKC), Airport (Domestic and International), Maharashtra Industrial Development Corporation (MIDC) area, SEEPZ (Industrial Hub) and areas along the Jogeshwari-Vikhroli Link Road (JVLR).The project is scheduled to be completed by 2021.
The Mumbai Metro will help in tackling congestion, as the daily ridership volume for 2021 is estimated as 1.21 million per day and will reach 1.70 million per day in 2031. By Mumbai Metro Line-3, the expected travel time from domestic airport station to BKC station will be less than seven minutes and from BKC to Cuffe Parade, it will be less than 40 minutes.