After scaling up railway CapEx substantially over the last couple of years via extra-budgetary resources, the Modi government will begin the process of creating a $5-billion Railways of India Development Fund (RIDF) soon. According to official sources, the railway ministry has floated a Cabinet note for RIDF, which will be considered by the ministers’ council in “the next two to three weeks”. As per the plan, the World Bank-anchored fund will be accessible to all railway projects — public-sector, private ventures and the projects undertaken by their alliance. The idea is that contractors bidding for railway projects will find a cheaper source of funds in RIDF which is in alignment with the long-gestation projects.
“The corpus will not only be available for Indian Railways but also for private operators, say, for station redevelopment,” said a top ministry of a railway official, requesting anonymity. The fund was initially planned to be rolled out by the start of the current financial year.
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