For the first time ever, let's welcome bullet trains to India with PM Modi's ‘Make in India' Initiative. The Integral Coach Factory (ICF) has been assigned by Indian Railways with the task of producing two standard-gauge bullet trains domestically within this fiscal year. As per a report by Twesh Mishra of Economic Times, this is the first time that India will be manufacturing a train which is capable of reaching speeds upto 250 kmph (Kilometers per hour). These trains are set to run on the Rs 1.08 lakh crore Mumbai-Ahmedabad High Speed Rail corridor.
This move not only aims to bolster the nation's transport infrastructure but also promises substantial economic benefits. In this article, we will understand what economical implications will the introduction of bullet trains have in India.
The domestic manufacturing sector is to undergo a substantial boost with the decision of manufacturing bullet trains locally. With the ‘Make in India' Initiative, our country can cut down on its reliance on imported technology and components. This move is meant to strengthen self-reliance, especially in the rail transportation sector. Local suppliers and manufacturers will be gifted with a new opportunity to work in the supply chain, fostering a more robust and integrated industrial ecosystem.
From assembly line workers to engineers and project managers, this project to manufacture locally will turn out to be a boon for job searchers across various skill levels. With this ‘’Make in India' Initiative, unemployment issues can be addressed, as well as contribution to the skill development in the manufacturing and railway sectors can be taken care of.
The demand for skilled workers in manufacturing, engineering, and technology-related fields is likely to increase as the production of bullet trains ramps up. Institutes and vocational training centers will play a crucial role in upskilling and reskilling the workforce to meet the specific requirements of high-speed rail technology. This will have a positive multiplier effect on the overall economy by enhancing the employability of the workforce.
The development of bullet trains under PM Modi's ‘’Make in India' Initiative will significantly stimulate economic growth through various channels. Sectors such as steel, electronics, and logistics can highly benefit from this project as it will create a demand for ancillary services, raw materials and components. This, in turn, will propel investments and innovation across the supply chain, thus significantly contributing to industrial expansion and economic diversification.
Furthermore, costs associated with importing trains will be reduced as the project will be entirely carried out locally. This will conserve foreign exchange reserves and ameliorate the country's balance of payments. With this plan, the government can now allocate more resources to sectors like healthcare, infrastructure development, education, thus further bolstering sustainable development and economic growth.
India's railway sector will see an improvement in its technological capabilities with the Make in India initiative. As the bullet trains will be manufactured and produced domestically, India will have the chance to develop and put into effect several cutting-edge technologies like energy-efficient designs, advanced signaling, high-speed propulsion systems, communication networks, etc.
This will not only improve the performance and safety of rail transport but also position India as a global hub for high-speed rail innovation and manufacturing.
The decision to manufacture bullet trains locally under the 'Make in India' initiative holds immense promise for the Indian economy. It will boost local manufacturing, create jobs, enhance technological capabilities, and stimulate economic growth through increased investment and innovation. As the Integral Coach Factory embarks on this historic endeavor, the economic benefits are expected to ripple across various sectors, laying a robust foundation for India's future as a leader in high-speed rail technology and manufacturing.
