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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. According to Railway Minister Suresh Prabhu, the whole process of awarding this contract was "very transparent". "The projects will help in creating jobs. Its spin-off benefits will be huge. Ancillary units would also come," Prabhu said. (Reuters)
   Here is all you wanted to know about about the Indian Railways project in 10 points:
   

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   1. This Indian Railways project is dubbed as the first big-ticket project under 'Make in India' initiative in the railway sector. (Reuters)

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   According to Railways the software will be changed accordingly by CRIS to adjust the new fares. (Reuters)

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   3. The projects involve manufacturing of 1,000 diesel locomotives and 800 electric locomotives over the next 10 years, says Indian Railways. (Reuters)

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   4. The US multi-national GE, the lowest bidder for the Marhowra diesel locomotive factory, is expected to manufacture 1,000 locomotives over 10 years, says Indian Railways. (Reuters)

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   5. While 100 will be imported, the rest will be manufactured as part of the Make in India initiative, says Indian Railways. (Reuters)

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   6. French major Alstom, the lowest bidder for the Madhepura electric locomotive factory, will manufacture 800 high-power electric locomotives locos in the next 10 years, says Indian Railways. (Reuters)

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   7. The two factories are the excellent example of biggest 'Make in India' initiative ever undertaken by Indian Government. This was achieved earlier this month when Indian Railways awarded Letters of Acceptance (LoA) for setting up two modern locomotive factories – Diesel Locomotive Factory (DLF) at Marhowra and the other Electric Locomotive Factory(ELF) at Madhepura. (AP)

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   Rail budget 2016: Indian Railways had effected a 14 per cent across-the-board hike in passenger fares in 2014 during the NDA regime and a 10 per cent increase last year. Railways’ total earnings from freight and passenger fares were Rs 1,36,079.26 cr until January this year as against the target of Rs 141,416.05 cr, a shortfall of 3.77 per cent. (Reuters)

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    Rail budget 2016: Meanwhile railways have undertaken steps for cutting the costs and for commercial exploitation of surplus railway land besides looking at higher revenues from advertisement in a bid to tide over the crisis. The focus may be on improving non-tariff collection, the sources said. Railways have conducted a study by Axis Capital which has recommended a 10 per cent hike in passenger fares and a 5 per cent raise in freight rates to improve the state-run transporter’s finances. (Reuters)

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    10. The equity of the Ministry of Railways (MoR) in the Joint Venture Company would be limited to 26 per cent or Rs 100 crore whichever is lower. The Ministry would provide land for the factory on lease to the Joint Venture Company for a period of 30 years in accordance with the conditions specified in the land lease agreement.(Reuters)