The government is planning to invest around $140 billion for the development of the country's railways sector over the next five years, Railways Minister Suresh Prabhu said on Wednesday.

New Delhi: The government is planning to invest around $140 billion for the development of the country's railways sector over the next five years, Railways Minister Suresh Prabhu said on Wednesday.

"Talking about railways, which is in fact a very important part of this entire infrastructure development ideas of the country, we had decided to put in about $140 billion in the next five years. Largely in the first phase, we would like to invest into areas where we could reap the benefit of that investment very soon," Prabhu said here at a function.

He said that rather than going in for greenfield investment, the government is using the brown-field route.

"Wherever there are single lines, we are trying to make it double. Wherever there is double line, we are trying to get additional line because land is available and the benefits of that investments, we can get returns very soon. Returns in terms of financial returns and returns also in terms of decongesting the railway network," he added.

The minister said that the entire idea of investment is to bring in huge benefits for many sector.

Prabhu also said that the government is working on all the infrastructure sectors including roads, railways and ports to reduce the infrastructure deficit of the country.

"I am very sure that in the next few years time, you will see a real improvement into infrastructure climate of the country. In roads and ports, huge activity has started. We are also trying to develop inland waterways. That is something which has huge potential in India," he said.

He added that the government is working on bringing in integration into various mode of transportation - multi-modal transport system.

"Road, rail, air, seaports and waterways, all of that can be combined. There could be a huge potential for that. In our ministry, we are working on creating an integrated multi-modal transport institution called integrated corporation for multi-modal transport," the minister said.

"So, all of this will led to a huge investments as well as downstream benefits," he said adding increased investments in the sector would also help in boosting the services sector.

PTI