India looking at getting niche technologies for its railways: Ashwini Vaishnaw at Davos

Davos [Switzerland], January 18 : India is looking at getting niche technologies in its railway system to bring in greater efficiency in its widely-used transportation system, said Union Minister for Railways Ashwini Vaishnaw.
"We met some very senior industry leaders in the mobility world, and most of them are thinking and looking at the progress which is happening in India. They would like to set up their manufacturing plants in India. Today, during the discussions, the industry leaders requested that why can't we create a cluster of mobility manufacturing industries where small and medium-sized players across the world who have some niche technologies," Minister Vaishnaw told ANI, on the sidelines of the ongoing World Economic Forum in Davos, Switzerland.
He particularly mentioned his interactions with two companies which provide technologies to the mobility industry
"There was one company that supplies turnouts. The turnout speed can make a very big difference in the overall efficiency of the network. There was one company which works on timetabling, so that can bring efficiency in the system," the minister said.
A railway turnout is a movable section of track that allows a train to change direction without stopping.
On India's overall economy, he said all industry leaders were confident about its growth story.
"During my interactions with many industry leaders, I clearly can say there was a sense that Prime Minister Narendra Modi's management of the economy has led to the continuous growth of 6-8 per cent. There is a sort of confidence among the people. Financial world leaders were very confident about India. PM Modi's focus on technology and taking it to the last mile was also commended. Democratization of technology in India has been widely appreciated, and all are saying that this model should be followed elsewhere in the world," he said.
Earlier today, speaking at a session in Davos themed 'Can India Seize its Moment?', he asserted that every major industry in India was boosted because of the massive physical infrastructure push that the current government in New Delhi is focused on.
"If you look at the investments made in infrastructure, from a base of about USD 30 billion, in this fiscal year, India is investing USD 120 billion in infrastructure, that has multiple impacts, the impact on productivity is very good, the impact on overall economic activity is a multiplier of 3.6, so you invest USD 100, the economic activities are actually of USD 360," Minister Vaishnaw said.
Ashwini Vaishnaw said that the last decade has seen a significant structural shift in India's economy.
The growth was underpinned by four basic pillars -- to improve productivity and efficiency in the economy, inclusive growth, focus on manufacturing, simplification and removal of archaic laws, he said.
"He (PM Modi) has always kept the people at the bottom of the pyramid as the focus of his growth story," Minister Vaishnaw said, referring to the large-scale opening of bank accounts which brought millions under the formal financial system, housing for all, tap water and gas connections.
"More than 1,500 archaic laws on the statute book have been repealed, many of the colonial era laws and procedures have been removed, and more than 30,000 compliances have been removed. It's a government which listens with an open mind," he added.
Further, Vaishnaw said the current government under Prime Minister Narendra Modi has always kept the people at the bottom of the pyramid as the focus of his growth story.