The Mumbai-Ahmedabad bullet train project will be built at a cost of approximately Rs 1 lakh crore. Japan has agreed to fund 80% of the project through a soft loan of Rs 79,000 crore at an interest rate of 0.1%, with a tenure stretching over 50 years and a moratorium period of 15 years. The bullet train will complete the whole journey in 2.07 hours non-stop and 2.58 hours with stoppages, as opposed to seven hours taken currently by Duronto Express. We take a look at five recent developments in India's first bullet train project: (Representative image – Reuters Photo) 
Passengers will get the thrill of riding under the sea while travelling between Mumbai and Ahmedabad in the bullet train. The Mumbai-Ahmedabad high speed rail corridor will have a 21 km long tunnel under the sea. While most part of the corridor is proposed to be on the elevated track, there will be a stretch after Thane creek towards Virar which will go under the sea as per the detailed project report by JICA.(Representative image – AP Photo) 
The bullet train is expected to cover 508 km between Mumbai and Ahmedabad in about two hours, running at a maximum speed of 350 kmph and operating speed of 320 kmph. At present, Duronto Express takes about seven hours to cover the distance between the two financial centres. (Representative image – Reuters Photo) 
The preparatory work for the bullet train project is in full swing and the loan agreement with the Japan International Cooperation Agency (JICA) is likely to be signed by the end of this year. Rolling stock and other equipment like signalling and power system will be imported from Japan as per the loan agreement. The detailed project report has pegged the economic rate of return of the project at 12% while the financial rate of return is estimated at 4%.(Representative image – Reuters Photo) 
According top priority to the first of its kind project, railways has formed National High Speed Rail Corporation Limited (NHSRCL), a special purpose vehicle (SPV), with a paid-up capital of Rs 500 crore. A search committee comprising senior government officials including Cabinet Secretary, Chairman Railway Board and Secretary DOPT among others is on the job currently to select the Managing Director and five directors for the NHSRCL. Railways has already allotted Rs 200 crore for the SPV. Maharashtra and Gujarat will have equity of 25 per cent each, while the Railways will have 50% in the SPV. For timely completion of the project, a joint committee has been formed under the vice-chairman of NITI Aayog with the secretaries of the Department of Industrial Policy and Promotion (DIPP), Departments of Economic Affairs and Foreign Ministry as its members along with the Railway Board Chairman. (Representative image – AP Photo) 
Recently, an Indian Institute of Management Ahmedabad (IIM-A) report said that the propose bullet train will have to ferry 88,000-118,000 passengers per day, or undertake 100 trips daily, for the Railways to keep it financially viable. The report states that if the Railways set the ticket price at Rs 1500 for 300-km drive per person fifteen years after the operation, it will have to ferry between 88,000 and 110,000 passengers every day to ensure that it repays the loans with interest on time. (Representative image – AP Photo)
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