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How can Public-Private Partnership (PPP) models transform Indian Railways and accelerate the development of railway infrastructure in India? What are the major challenges that prevent private investment in railway projects, and what needs to change to make PPP projects more attractive, efficient and financially sustainable?
In this exclusive episode of News Station, host Siddharatha, Editor, The News Station, speaks with Rajesh Prasad, Former Director, Rail Vikas Nigam Limited (RVNL), who shares his extensive experience in planning, financing and executing railway infrastructure projects under the PPP model.
The discussion explores why PPP projects are more common in the road sector than in Indian Railways, despite rail transportation being significantly more cost-effective and environmentally friendly. Rajesh Prasad explains the differences between road and railway infrastructure projects, including project complexity, revenue collection, network integration, tariff structures, regulatory approvals and institutional challenges.
The conversation also examines successful railway PPP initiatives, including the Madhepura Electric Locomotive Factory with Alstom and the Dahod locomotive manufacturing project with Siemens. He explains how private-sector efficiency, investment and advanced technology can contribute to strengthening India's railway manufacturing capabilities.
Drawing on his experience with RVNL's Special Purpose Vehicles (SPVs), Rajesh Prasad discusses five major railway PPP companies and their contribution to infrastructure development. He shares insights into the Kutch Railway Company, Krishnapatnam Railway Company, Angul-Sukinda Railway, Haridaspur-Paradip Railway and Bharuch-Dahej Railway projects.
One of the most significant aspects of this conversation is the financial and institutional challenges faced by railway SPVs. The discussion covers land acquisition delays, traffic projections, revenue-sharing arrangements, concession periods, taxation disputes, GST-related issues, arbitration and the importance of government support for private-sector partners.
Rajesh Prasad also explains the evolution of Indian Railways' PPP policies, from the early R3i and R2CI frameworks to the Participative Policy of December 2012 and the revised PPP policy introduced in February 2026. He highlights the introduction of new models, including the Hybrid Annuity Model (HAM) and Development Partner Model, and explains how these could attract greater private investment.
Key Topics Discussed:
Why is PPP investment less prevalent in Indian Railways than in the road sector?
What are the different types of PPP models in railway infrastructure?
Madhepura and Dahod locomotive manufacturing projects: Alstom vs Siemens.
RVNL's five railway SPVs and their infrastructure contributions.
Kutch Railway and Krishnapatnam Railway: PPP success stories and challenges.
GST disputes, taxation issues and arbitration in railway PPP projects.
Evolution of Indian Railways' PPP policies and the February 2026 policy framework.
Hybrid Annuity Model (HAM) and Development Partner Model.
Land acquisition, traffic risk, revenue guarantees and concession agreements.
How can Indian Railways attract more private investment?
The role of PPP in Dedicated Freight Corridors, high-speed rail and capacity expansion.
PPP's contribution to the vision of Viksit Bharat 2047.
Why private investors should be treated as business partners rather than contractors.
Guest: Rajesh Prasad, Former Director, RVNL
Host: Siddharatha, Editor, News Station
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00:43 – Why Is Public-Private Partnership (PPP) Less Common in Indian Railways?
05:45 – Types of Railway PPP Models: Madhepura and Dahod Locomotive Projects
11:20 – RVNL’s Five Successful PPP Projects and Their Execution Challenges
13:26 – Key Challenges in Railway PPP Projects: Land Acquisition and Traffic Risks
20:29 – Tata Steel Railway Connectivity Project and Innovative PPP Financing Model
24:05 – GST Disputes in Railway SPVs and the Krishnapatnam Arbitration Case
33:04 – Evolution of Indian Railways PPP Policy and New Guidelines of 2026
41:04 – How to Plan Railway PPP Projects: Traffic Forecasting and Bankability
44:31 – PPP’s Role in Achieving Viksit Bharat 2047 Railway Infrastructure Goals
50:00 – Making Railway PPP Projects Attractive: Risk Sharing, Government Support and Investor Confidence