Discuss Diamond Quadrilateral Bullet Train Network Project. Also mention the progress in the project so far.
1. In the Railway Budget 2014-15, it was announced to undertake planning of high speed rail connectivity on Diamond Quadrilateral network connecting major metros and growth centres of the country.
2. Accordingly, Ministry of Railways has undertaken feasibility studies for some routes namely Delhi-Mumbai, Delhi-Kolkata, Mumbai-Chennai, Mumbai-Nagpur and Chennai-Bengaluru-Mysuru.
3. However, being highly capital intensive, the sanction of any High Speed Rail Project depends on several factors such as technical feasibility, financial viability and availability of financing options.
4. Till now, Government has sanctioned Mumbai-Ahmedabad High Speed Rail (MAHSR) Project with technical and financial assistance of Government of Japan.
5. A Special Purpose Vehicle (SPV) namely National High Speed Rail Corporation Limited (NHSRCL) has been formed to implement this project. This project is targeted for completion by the year 2023.