Express News Service
THIRUVANANTHAPURAM: The formidable Silverline, semi high-speed rail mission billed because the game-changer in Kerala’s infrastructure in addition to financial development, has moved an inch nearer to actuality with Railway Ministry and NITI Aayog – the federal government’s apex assume tank – in accordance sanction to the mission. The mission has obtained suggestion from our bodies involved, together with Department of Expenditure below the Ministry of Finance.
Now, the proposal is below the consideration of Department of Economic Affairs below the Union Finance Ministry which can ahead the proposal to overseas banks like Japan International Cooperation Agency (JICA), Asian Development Bank, Asian Infrastructure Investment Bank and German Development Bank (KfW).
The approval of the Department of Economic Affairs is critical for overseas banks to fund the mission, which is anticipated to price Rs 63,941 crore. V Ajith Kumar, managing director of Kerala Rail Development Corporation Limited (Okay-Rail), a three way partnership of the Indian Railways and state authorities, informed TNIE, “For availing the foreign loan, around 70-80 per cent of the land meant for the project has to be acquired. Once the new cabinet is formed, the state government will fast-track the land acquisition for which the cabinet’sapproval is required,” he stated.
As a lot as 1,383 hectares of land must be acquired for the mission for which round Rs 13,000 crore is required. The Kerala Infrastructure Investment Fund Board (KIIFB) and Housing and Urban Development Corporation Ltd (Hudco) have provided Rs3,000 crore and Rs 2,100 crore, respectively, for the mission. Hence, Okay-Rail is hopeful of buying the land utilizing these funds aside from overseas financial institution loans. The state authorities hopes to lift round Rs33,000 crore from the overseas banks.
“The project got delayed by around three-four months after protracted correspondences with central agencies and state government over the viability of the project. We could convince them on every point they raised. Now it’s only a matter of time to get the Department of Economic Affairs’ nod,” he stated. “Since the semi high-speed rail and west coast canal are the flagship projects of the LDF government, the state is eager to take forward these,” he added.
The earlier state cabinet had given its approval to the Detailed Project Report (DPR) of the mission which is anticipated to be accomplished inside 5 years of graduation of the work. The rail line might be laid via least populated areas with 15-25-metre width to restrict the acquisition of land to the barest minimal. The land required might be acquired as per the RFCTLARR Act 2013 at market price. The Centre should bear solely 3 per cent of the mission price which can come to solely round `3,000 crore as fairness and price of railway land.
The Silverline hall connecting Thiruvananthapuram to Kasaragod in 4 hours will allow working of semi high-speed trains at an operational pace of 200 km per hour on the 529.45km stretch. These trains will cowl the busy Thiruvananthapuram-Ernakulam stretch in one-and-a-half hours.
