Bullet Train In India Faces New Hurdle As JICA Stops Funding

News World India | 0
| September 25 , 2018 , 17:49 IST

The Japan International Cooperation Agency (JICA) has stopped funding the bullet train project of India, citing the farmer's issues whose land is acquired for the development of the corridor connecting Guajrat and Maharashtra, media reported on Tuesday. 

A Finance Minister official said that the farmer's protest over the acquisition of land has miffed JICA to stop funding.

JICA has only invested Rs 125 crore, against the agreement of Rs 80,000 crore for the bullet train project. The cost of the Bullet train project is estimated to be around Rs 1 Lakh crore.

JICA has said that Prime Minister Modi-led government first should settle the issues of farmers.

According to reports, JICA decision came after a letter wrote by Anandvardhan Yagnik, an advocate representing farmers in Gujarat High court to Japan’s Ambassador Kenji Hiramatsu and Chief Representative of JICA India Office, Katsuo Matsumoto demanding intervention to notice the farmers issues.

Also Read: Give Land For Bullet Train Project, Receive Stamp Duty In Addition To Compensation Amount

JICA is a governmental agency that was formed on October 1, 2003, with the aim to "contribute to the promotion of international cooperation as well as the sound development of Japanese and global economy by supporting the socioeconomic development, recovery or economic stability of developing regions."

It is learnt that if JICA will continue 'Not to Fund' India's maiden bullet train project than chances are high that project deadline would be extended.

The Bullet train project will commence from January 2019 and the deadline to acquire the land before the commencement of the project is the end of 2018.

It is planned that the project will complete by 2022 on the occasion of 75th year of India’s Independence.