Indian Chamber of Commerce (ICC) provides unique support through specialized advice, facilitation, and communication with both industry stakeholders and policy makers to develop India’s Railways sector in their support of industry growth. The Department provides specialized advocacy on policy changes, organizes business summits like the Rail India Forum, and provides the opportunity for stakeholder groups to come together on various topics like technology, investment models, and logistics solutions. In addition to promoting infrastructure on a national and regional level, and encouraging Public-Private Partnership arrangements, the department also works with stakeholders to manage regulatory challenges that impact the railway, freight and passenger services.
Importance of Indian Railways in the Economy
Indian Railways is the backbone of India's economy, serving as the ( i.e., a connection), trading routes, and promoting industrial and manufacturing sectors. It carries approximately 23 million passengers/day, carries millions of tonnes, and is vital to enabling the continued functioning of the whole economy, including agriculture, manufacturing, trade, tourism, industry and defence. In addition, the railway is one of the largest employer in the world providing jobs and enabling livelihoods to millions of individuals in a complex economic engine. As the most efficient vehicle, it underpins national integration, regional integration and corporate and community economic growth.
Railway Technology: Reducing Logistics Costs and Enabling Competitive Manufacturing
India's railway technology, especially new freight corridors, mechanized freight and non-freight terminals and digital innovations, is building low-cost logistics, which improves speed for manufacturers and lowers costs. Dedicated freight corridors, for example, and an overall enhancement of systems reduce transit times, reduce fuel costs and improve the flow of the supply chain, which overall lowers the logistics cost from 13-15% into logistics cost being less than 10% of GDP, all of which can produce results that help Indian industry deliver goods faster and cheaper, making them more competitive globally and increasing exports, while also facilitating domestic manufacturing as part of government initiatives like Make in India.
Helping development of other countries
Indian railway technology has had a global impact as well, most recently in the export of the first ever locomotives made in India, specifically produced in Bihar and exported to Africa, further cementing 'Make in India' and helping address Africa's infrastructure needs. These locomotives are a turbo charger for connectivity and reduce transportation costs and grow the economy in each of these countries. Indian companies, have also exported digital railway high-tech solutions to South Africa and surrounding countries. These solutions include fiber optics, predictive maintenance, predictive railway modelling, and predictive traffic simulation are improving the quality of rail service by improving public and private operations and overall quality of life, in line with the provision of rail solutions for the development of South Africa and neighbouring countries. Other developing regions of the world are increasingly looking to India and its expertise in railway technology and engineering to shore up their development plans, and this is a prime example of international collaboration and technology transfer that will expand their rail networks as well as India's opportunities.
