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Marking the first big foreign direct investment (FDI) in the railway sector, the Indian Railways today signed Rs 40,000-crore contracts with GE and Alstom to set up two locomotive plants in Bihar with a view to boosting manufacturing and employment in the state. The electric locomotive factory will be set up at Madhepura and the diesel one at Marhowrah in Bihar. The project was originally approved by the Cabinet in 2006. Here are 10 top things FM Arun Jaitley said at the contract signing ceremony for the locomotive joint venture factory projects: (Image Source: PTI)
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1. Terming it as the "first major" manufacturing investment in Bihar, Finance Minister Arun Jaitley said setting up of diesel and electric locomotive factories will benefit farmers. (Image Source: AP)
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2. FM termed it as the biggest contract awarded by the Indian Railways to the private sector in its history. (Image Source: AP)
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3. "It is a major manufacturing investment in India… And when GE and Alstom start investing in Bihar, I think it's good days for 'Make in India'. (Image Source: PTI)
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4. "Both these activities are going to generate a lot of economic activities. Obviously, the quality of the Indian Railways is going to improve," he added. (Image Source: AP)
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5. He said it is a win-win situation for Bihar because one of the greatest challenges for India is to boost the economy of the state. (Image Source: AP)
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6. "There will be job creation. Their taxes can improve. This will create an ecosystem where you will have ancillary units and service providers," he said. (Image Source: Reuters)
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7. Jaitley termed the move as "a certainly important contract" at entry point into the Indian Railways system by international majors like GE and Alstom, which have a mandate to manufacture ecologically-friendly locomotives. (Image Source: Reuters)
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8. The Finance Minister said that gradually private sector investments are picking up in the country and will further grow in coming months. (Image Source: Reuters)
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9. Jaitley also said "very soon, you will hear about contracts and tenders which will be out with regard to private sector participation in modernisation of 400 select Indian Railways stations". (Image Source: Reuters)
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10. Through this investment, FM Jaitley said, “India is going to benefit, the Indian Railways is going to benefit, Bihar is going to benefit." (Image Source: Reuters)
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