China wants to fast track a multi-billion dollar project which comprises a rail link from New Delhi to Chennai before Prime Minister Narendra Modi arrives China boosting economic cooperation between two countries.
China will build a shorter high-speed rail corridor from Chennai to Bengaluru which will bring in $36 billion with the Modi’s attempt to change country’s worn rail system with the modern one, officials said.
Modi, who arrives in China on Thursday may sign at least 10-billion-dollar worth deal during his three-day trip according to China's ambassador to India, Le Yucheng.
According to the Indian Railways Minister Suresh Prabhu , India evaluates pilot project for extending 1754 km of high-speed corridor from Delhi-Agra to Chennai.
China has also proposed to India to build the high-speed network.
A delegation visited India on April 25-29 to talk in order to speed up the Sino-Indian railway investment. Sides could reach a deal, according to the China's national railway bureau website.
President Xi Jinping announced that China has invested $20 billion over five years comprising two industrial parks in his last year visit to India.
Modi’s effort for getting construction land met resistance because of the land acquisition laws in parallel as the project has slowed down. Modi could just get fifth of the necessary land for the construction of industrial park in Pune and 28 percent land for the Vadodara.
France and Japan also seek to take a share of revision efforts for India’s rail system in which India has allocated $137 billion over the next five years.
China launched officially Silk Road infrastructure fund last year during a meeting in Beijing with leaders from Bangladesh, Cambodia, Laos, Mongolia, Myanmar, Pakistan and Tajikistan.
Aim of the Silk Road project is investing in infrastructure and boosting financial cooperation among Asian countries.
"Such a framework accommodates the needs of various countries and covers both land and sea-related projects," Xi said.
“China is ready to welcome its neighbours to get on board the train of China's development." he added