India-Japan ink MoU on bullet train

New Delhi, Dec 12: India on Saturday signed an agreement with Japan for introduction of a bullet train between Amhedabad and Mumbai. Describing it as an engine of economic growth, Prime Minister Narendra Mod said the bullet train combines speed with safety on "very easy" terms. "An engine for economic transformation: High Speed Rail on Mumbai-Ahmedabad sector through Japan's Shinkansen," external affairs ministry spokesperson Vikas Swarup tweeted. A joint feasibility study for the project was jointly conducted by the Indian Railways and Japan International Cooperation Agency in July this year. The cost of the 505 km corridor is estimated at just under Rs.100,000 crore ($15 billion). Foreign Secretary S. Jaishankar said Mumbai-Ahmedabad high speed rail project will be completed in seven years. Japan has given a highly concessional loan with repayment period of 50 years and 15 year moratorium. It has an interest rate of 0.1 percent. The project will be executed in a joint venture of the Indian and Japanese companies, Jaishankar said in a media briefing. The high speed rail will be built using Japan's Shinkansen technology