India will invest $17bn to build its first high-speed train system, having reached a deal with Japan to help finance the project.
The network, which will run 508km between Mumbai and Ahmedabad, was announced on Thursday by Prime Minister Narendra Modi.
“This is the new India, and the flight of its dreams is endless,” he said. “The bullet train project will bring speed and employment. It is human-friendly and eco-friendly.”
Japan will fund more than 80 percent, nearly $1.4bn, of the project’s cost, providing a 0.1 percent interest loan due to be repaid over the next 50 years.
Shinzo Abe, the Japanese prime minister, said the development – a joint venture between Indian Railways and