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Our Bureau

New Delhi, Feb. 22

The Cabinet Committee on Economic Affairs (CCEA) on Thursday cleared a proposal of Indian Railways to construct the Eastern and Western dedicated freight corridors at a total cost of Rs 28,181 crore. It also cleared the Railways' proposal to set up an electric locomotive factory at a cost of Rs 1,294 crore at Madhepura in Bihar. Both issues are likely to be mentioned in the Railway Budget this fiscal.

The locomotive factory has to come up in three years. The CCEA cleared a proposal to set up the Eastern freight corridor at a cost of Rs 11,589 crore and the Western freight corridor for Rs 16,592 crore. The freight corridor projects are to be executed in a five-year period, the Finance Minister, Mr P. Chidambaram, told presspersons after the CCEA meeting. Initially, the special purpose vehicle for constructing the dedicated rail freight corridor would be owned by the Railways, he said. It will make the investment for the freight corridor from internal resources and market borrowings. The Railways will also get budgetary support and funding from multi-lateral and bilateral agencies. Japan is interested in joining the project and the funding pattern will be negotiated with it.

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