Govt to invest Rs 8.5 lakh crore to develop railways

Union Railway Minister Suresh Prabhu has said that the government will invest Rs 8.5 lakh crores over the next five years to develop the nation's railway services.

Speaking at a programme in Indian Institute of Technology (IIT)-Banaras Hindu University in Varanasi on Monday, Prabhu said that the lack of funds will not come in the way for developing the railways, as it was a firm determination of Prime Minister Narendra Modi to raise the performance of the railways to global standards.

A Memorandum of Understanding (MoU) for a joint research on material and engineering was also signed between IIT-BHU and Railways.

Prabhu further stressed on the need the recycle the waste in railways, saying that it would benefit the country in the long run.

He also said that a railways is going to be the biggest machinery behind the development of the country.