Bullet train: Another oxymoron of Modi

Modi (PM Of India) and Shinzo Abe (PM of Japan)

• 508km Ahmedabad-Mumbai bullet train (HSR) project's estimated cost is Rs.110,000 crores. 80% i.e. 88,000 crores is a soft loan (0.1% interest payable from 16th through 50th years) from JICA, Japan and 20% i.e. Rs.22,000 crores to funded by Govt of India. 
• The JICA is notorious for funding projects in which Japanese companies are in the fray and there are often hidden costs.
• This Rs.22,000 crores will easily go up to Rs.50,000 crores, or even more, in due course.
• This project has been awarded to Japan on a “nomination basis”, without any competitive bidding process and with the direct negotiations by Modi with Japanese PM Shinzo Abe. It is expensive when compared to Chinese rates by 59% to 97%.
• No competitive tendering, no cost benefit analysis or any other due diligence for minimizing costs and maximizing benefits was ever undertaken.
• Modi highlighting that "it is virtually free'' tantamount to lying and misleading the nation and doesn't befit his occupying PM chair.
• JPY/INR exchange risk is also going to be a huge burden. No one will hedge exchange rate risks beyond 6 months. INR is always a depreciating currency where as JPY an appreciating currency.
• The pricing of tickets would be close to flight travel tickets and hence useles for common man.
• Worldwide all bullet train projects are loss making and supported by government. This HSR project will be a white elephant and big drain on tax payers money for many decades.
• Mumbaikar's demanded 'we want basics not bullet trains' in response to Elphinstone Bridge stampede incident where 23 people lost lives on Sep 30, 2017.
• If we don’t dream big, we will never achieve big ... But these trophy projects drains scarce funds which otherwise rightfully would have gone for education, healthcare, drinking water, sanitation, transportation and welfare - benefiting lower strata of society. 
• Development with poorer classes funds is an outrageous model of development.

Gandhi's Talisman: Whenever you are in doubt, or when the self becomes too much with you, recall the face of the poorest and the weakest man whom you may have seen, and ask yourself, if the step you contemplate is going to be of any use to him. Will he gain anything by it? Will it restore him to a control over his own life and destiny? In other words, will it lead to freedom for the hungry and spiritually starving millions? Then you will find your doubts and your self melt away.

Lemon Socialism ... socialise losses and privatise profits 

Commonsense tells us that we get best price only when we buy things with our own cash. Any kind of loans & financing will erode our bargaining capability and we will be saddled with not only interest charges but also hidden costs and front loading. Government borrowing money with soft interests with long term repayments is ok for investments in infrastructure benefiting masses and accelerating overall development in that region/ state/ country but not for nonviable political projects just for ego satisfaction and showcasing and displaying to foreigners and publicity devoid of any merit. Sardar Sarovar Dam's incomplete canal systems during his 13 years as CM of Gujarat, is a testimony for Modi's incompetency. GIFT city project is another white elephant. Like demonetization and mangled & unprepared GST roll out - bullet train will add to woes of nation. If it turns out to be scandalous, no one will be surprised. With Railway safety at its worst, priority is not bullet train but to invest and ensure safety of passengers. Finally, we don't have to compete with any one in the world; we just need to improve ourselves year after year, carrying all sections of people together.