The bullet train is a big collaborative project between India and Japan. It is a very important project and is a big step in the improvement of our country. The following are important reasons for why the bullet train is actually very beneficial and is a key aspect in transforming the transportation sector of India.
- Long Term Financing at Low Costs
To show the cooperation in the India-Japan agreement, the Japanese government is providing our country with a soft loan that is of a value close to Rs. 90000 crores, along with a tiny interest rate of 0.1% per year, over the period of 50 years. The loan will begin being repaid only after 15 years of acquiring the loan. Such a loan from nearly any typical source, such as financial institutions for bilateral or multilateral development would cost about 3% to 7%, paired with a period of repayment of close to 20-30 years. This is a very generous offer from Japan, charging practically nothing. So this project puts no financial strain on India.
- Encourages Manufacturing and Construction
It was stated that one of the primary objective of this initiative was to promote the Make in India campaign also. This allows for localised manufacturing growth and a way to share technology. Several join ventures are anticipated, to boost the manufacturing and construction, overall improving development in the country. This is also going to massively increase employment.
- Increased Professional Workforce
This project is responsible for the creation of a High Speed Rail training institute in Vadodara. It is going to be completely furnished with high end facilities and equipment, like simulators. They are similar to the ones used in the Japanese training institutes. By 2020 the facility is expected to be up and running. It is designed to cater to over 4000 staff in the coming three years. This group of trained personnel will then be employed to maintain and operate the train systems. This is in some sense the very foundation of the road to progress, and will help improve India in many other areas as well. Moreover, 300 officials from the Railways of India have been sent for training in Japan. They will learn all that they can and put their knowledge to use in India’s bullet train.
- Speed of Travel
The bullet train will revolutionise travel in India. The average time taken to commute will significantly reduce, thus increasing productivity. Currently there are two modes of service that is expected to be introduced. One is called the ‘rapid train’ service which has only 2 stops. The other is a slower service that has 10 stops. This improvement is expected to draw the higher classes of society back to trains, and away from airplanes, thus creating better balance and distribution of resources. This helps with the railway reservation seat availability as well.
- State-Of-The-Art Technology
India is being introduced to some of the best technology of Japan with the Shinkansen technology. This tech is known for its supreme safety and reliability. It has an impeccable record of zero fatalities and delays going only upto a minute.