Mumbai, India • India's new rail minister on Tuesday proposed allowing foreign investment to modernize the country's cash-strapped state railways.
Sadananda Gowda also outlined plans for a network of high-speed trains, with the first project slated to connect the financial capital, Mumbai, with the home state of new Prime Minister Narendra Modi.
The ambitious proposals unveiled Tuesday indicated Modi's government intends to move quickly to follow through on reform promises. Investors have been looking for signs as to how bold the new government, which swept to power in May, will be in implementing its agenda to revive economic growth. Some of its changes could be politically unpopular. Another test will come Thursday when the government unveils its first national budget.