Railways in India 2021 - India Infrastructure

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Railways in India 2021
Sector Analysis, Impact of Covid-19, Market Oppor tunities
                      and Outlook

                                                                          Research Repor t
                                                                          Data-set (Excel)
                                                                          52 Weekly Newsletters
                                                                          11 Monthly Updates

  India Infrastructure Research has recently released the latest edition of the Railways in India
  report 2021. The report covers:
     Analysis of the market trends, key developments and outlook for the railway sector in India
      A realistic assessment of the short-term, medium-term and long-term impact of Covid-19 on railway sector
      projects and investments
     Operational and financial performance of the Indian Railways
     Analysis of the current size and growth prospects for key segments - Rolling Stock, Tracks, S&T, Bridges, Tunnels, etc.
     Recent government initiatives to expand the railway infrastructure
     Update on big-ticket projects
     Upcoming investment opportunities for the stakeholders across various segments
     Investment requirements for the next five years
Railways in India 2021 - India Infrastructure
Railways in India 2021                                                                                         Table of Contents

 Report Summary and Key Insights
   The railway sector has been on a high growth trajectory since the past few years. While the pace of infrastructure creation has been
   at an all-time high, new and innovative ways to improve operational efficiency and passenger experience are also being focused
   upon. From introduction of high speed trains to modernisation of railway stations, the sector has been abuzz with activity.
   IR has been taking various initiatives to upgrade its rolling stock and improve the passenger experience. IR is also taking initiatives
   to increase the average speed of trains. Currently, all LHB coaches can run at a maximum speed of 130 kmph. Some of the initiatives
   by IR in this area include introduction of Vande Bharat Trains, Tejas Express Trains, Anubhuti Coaches, Double Decker Train Coaches
   and Humsafar Trains.
   IR has also increased its focus on digitalisation of operations to improve efficiency and enhance passenger convenience. The
   initiatives include installation of point of sale (POS) machines and acceptance of UPI/Bharat interface for money, launching Rail
   Madad app for providing assistance and information to passengers, and establishing an online dashboard, e-Drishti to review,
   monitor and analyse IR's performance.
   IR has also been exploring new funding and revenue sources. These include FDI equity inflows, multi-lateral funding, issuing IPOs
   and non-fare revenue initiatives.
   The Ministry of Railways is looking at use of PPPs to unleash faster development and completion of tracks, rolling-stock
   manufacturing and delivery of passenger and freight services. The national transporter has also identified the potential areas for
   private sector participation in the sector.
   Big-ticket plans: IR plans to move to 100% electrification in next 3.5 years and become 100% net zero' operator in next 9-10 years;
   the Western Dedicated Freight Corridor and Eastern Dedicated Freight Corridor are expected to be completed by June 2022; IR has
   planned to source around 1,000-MW solar power and 200 MW of wind power by 2021-22 across zonal railways and production
   units; the Mumbai-Ahmedabad High Speed Rail corridor is expected to be completed by December 2023; the priority section of the
   Delhi-Meerut RRTS Corridor (Sahibabad to Duhai) is scheduled to be completed by March 2023; six projects under Mumbai Urban
   Transport Projects (MUTP) 3 to be completed by 2022; 12 projects under MUTP 3A to be completed by 2024; and four corridors
   of the project are expected to become operational by 2026.
   In terms of network expansion, IR registered a four times increase in commissioning of doubling works during the 2014-20 period
   (1,458 km/year) as compared to the 2009-2014 period (375 km/year).
   The outbreak of Covid-19 pandemic has had a significant impact on the railway sector. IR, which operated over 13,500 trains daily
   carrying around 23 million passengers, halted all its passenger services on March 22, 2020 to control the spread of Covid-19.
   However, the sector has responded to the pandemic by turning to the freight segment to combat the losses incurred in the passenger
   segment and reducing wasteful expenditure through measures such as rationalisation of manpower at workshops, closure of
   uneconomic rail lines and greater emphasis on digitalisation.
   India Infrastructure Research has analysed a total of 262 projects for the analysis of upcoming projects. These projects entail an
   investment of Rs 5.12 trillion and are expected to create a capacity of over 21,000 km.
   As per National Infrastructure Pipeline, investments worth Rs 13.67 trillion are to be made in the railways sector during the period
   from 2019-20 to 2024-25 to improve freight efficiency, augment the speed of trains, improve passenger amenities, enhancing safety
   and ensuring better connectivity.
   Going forward, the outlook of the sector remains positive on the back of the big-ticket projects being implemented. Further, IR's
   Make in India initiatives are also likely to gain further traction with government's focus on self-reliance.
Release Date: December 23, 2020 | No. of slides: 569                                                       Railways in India 2021

                              Project Pipeline in terms of No. of Projects and Investment in Railway Sector
                                 (includes planned, proposed, announced and under bidding projects)

Source: India Infrastructure Research

                                                             Project Analysis by Region

Note: 20 stalled projects involving an investment of about Rs 267 billion (1,600 km) have been excluded from the analysis. Besides, 136 inter-state project
worth Rs 8.38 trillion (39,517 km) has also been excluded from the region-wise analysis.
Source: India Infrastructure Research
Railways in India 2021                                                                                                                            Table of Contents

 Key Takeaways and the Road Ahead                                                                  Analysis by Segment (Rolling Stock, Tracks, S&T, Bridges, etc.)
                                                                                                   Analysis by Stage of Development
 SECTION I: SECTOR ANALYSIS, COVID-119 IMPACT ASSESSMENT, OUTLOOK AND                              Analysis by Ownership
 PROJECTIONS                                                                                       Analysis by Region
                                                                                                   Analysis by State
 1.   Trends, Developments and Outlook                                                             Analysis by Completion Period
          Network Size and Growth                                                                  Analysis of Upcoming Projects
          Project Awards and Completion                                                            Top 50 Upcoming Projects in terms of Investment
          Emerging Trends                                                                          Upcoming Contracts and Tenders
          IR Restructuring: Key Announcements & Expected Impact
          Government Initiatives in the Light of Covid-19                                4.    Future Outlook and Market Opportunities
          Investment Requirements and Targets under NIP                                            Growth Drivers
          Risks and Challenges                                                                     Expected Network Addition in 2020-21
          New Opportunities and Targets                                                            Passenger Traffic Projections (till 2025-26)
          Future Outlook                                                                           Freight Traffic Projections (till 2025-26)
                                                                                                   Mega/Big Ticket Projects under Construction
 2.   Impact of COVID-119 on Traffic, Projects and Investments                                     Investment Requirements (Medium-term and Long-term)
          Impact on Traffic and Earnings                                                           Market Opportunities
          Progress made by Projects Since April 2020                                               Strategies and Solutions for the Post-Covid Scenario
          - Projects that Have Resumed Construction Work                                           Post-Covid Sector Outlook
          - Projects Awarded
          - Projects Facing Funding Delays                                               SECTION II: OPERATIONAL AND FINANCIAL PERFORMANCE: TRENDS, IMPACT OF
          - Project that Have Progressed During the Lockdown                             COVID-119 AND FUTURE OUTLOOK
          - Bid Postponements
          - Under Bidding Projects                                                       5. IR's Financial Performance and New Funding Strategies
          Impact on Supply Chain                                                                   Growth Trends (2015-16 to 2019-20)
          - Labour Availability                                                                    - Capital Expenditure
          - Raw Material and Input Costs                                                           - Operating Ratio
          - Equipment Availability                                                                 Impact of Covid-19 on IR's Revenue & Expenditure in 2020-21
          - Invocation of Force Majeure and Contract Renegotiation                                 Cost Trends
          Overall Impact on Capacity Addition                                                      Revenue Trends
          Impact on Key Sector Segments                                                            Revenue Surplus
          Impact on Investments                                                                    Recovery Trend & Revival Strategies
          - Government Funding                                                                     New Funding/Revenue Sources
          - Capex Plans of Key Companies                                                           Potential for PPPs
          Relief Measures & Recovery Strategies                                                    Issues and Challenges
          Post-Covid Outlook
                                                                                         6.    Freight Traffic and Earnings
 3.   Project Pipeline Analysis: Re-aassessment Of Opportunities in Light of Covid-119             Key Trends (2015-16 to 2019-20)
      (Till 2025-226)                                                                              - Freight Traffic Trends
          Realistic Assessment of Project Pipeline                                                 - Freight Earning Trends
          - Short Term                                                                             Impact of Covid-19 on Monthly Traffic & Earnings in 2020-21
          - Medium Term                                                                            Initiatives for Improving Freight Traffic
          - Long Term                                                                              Segment Outlook and Projections
Release Date: December 23, 2020 | No. of slides: 569                                                                  Railways in India 2021

7.     Commodity-w
                 wise Analysis                                                          10.   Key Efficiency Indicators
           Commodity-wise Trends in Freight Traffic and Earnings (2015-16 to 2019-20)             Efficiency Indicators for Freight Operations
           - Coal                                                                                 - NTKM Per Wagon Per Day
           - RMSP                                                                                 - Wagon Km Per Wagon Per Day
           - Cement                                                                               - Freight Train Engine Km
           - Foodgrains                                                                           - Average Net Load of Freight Trains
           - Steel                                                                                - Wagon Turn Around Time
           - Iron Ore                                                                             - Average Load Per Wagon
           - Fertilisers                                                                          - Ineffective Percentage of Rolling Stock
           - Mineral Oil                                                                          Passenger Km Per Route Km
           - Container service                                                                    Line Capacity and Utilisation
           - Balance goods                                                                        Staff Utilisation Indicators
           Impact of Covid-19 on Performance of Commodities in 2020-21                            Key Initiatives in light of Covid-19
           Future Projections and Outlook

                                                                                        SECTION III: FOCUS ON MEGA PROJECTS: PROGRESS SO FAR, COVID-119 IMPACT,
8.     Passenger Traffic and Earnings
                                                                                        REVISED TIMELINES AND UPCOMING OPPORTUNITIES
           Key Trends (2015-16 to 2019-20)
           - Passenger Traffic Trends
                                                                                        11.   Dedicated Freight Corridors
           - Passenger Earning Trends
                                                                                                  Project Scope & Features
           Impact of Covid-19 on Monthly Traffic & Earnings in 2020-21
                                                                                                  Progress So Far & Key Milestones
           Suburban and Non-Suburban Traffic and Earnings Analysis
                                                                                                  Financing Experience & Funding Options
           Class-wise Traffic and Earnings Analysis
                                                                                                  Disruptions/Delays due to Covid-19
           Initiatives for Improving Passenger Amenities
                                                                                                  Targets & Timelines
           Revival Strategies
                                                                                                  New Technologies & Solutions
           Segment Outlook and Projections
                                                                                                  Future Benefits
                                                                                                  Issues & Challenges
9.          wise Performance Analysis: Traffic and Earnings Trends
       Zone-w
                                                                                                  New Freight Corridors Identified
           Zonal Overview
                                                                                                  Upcoming Contracts & Tenders
           Zone-wise Performance*
-      Central Railway
                                                                                        12.   High Speed Rail Systems
           - Eastern Railway
                                                                                                  Project Scope & Features
           - East Central Railway
                                                                                                  Progress So Far & Key Milestones
           - East Coast Railway
                                                                                                  Financing Experience
           - Northern Railway
                                                                                                  Disruptions/Delays due to Covid-19
           - North Central Railway
           - North Eastern Railway                                                                Investment Requirements

           - Northeast Frontier Railway                                                           Targets & Timelines

           - North Western Railway                                                                New Technologies & Solutions

           - Southern Railway                                                                     New Corridors/Sections Identified

           - South Central Railway                                                                Issues & Challenges

           - South Eastern Railway                                                                Upcoming Contracts & Tenders

           - South East Central Railway
           - South Western Railway                                                      13.   Station Infrastructure Development

           - Western Railway                                                                      Projects Scope and Features
           - West Central Railway                                                                 Progress So Far & Key Milestones
*Each zone covers traffic trends (2015-16 to 2019-20 and monthly traffic in 2020-                 Financing Experience and New Funding Options
21); earning trends (2015-16 to 2019-20 and monthly traffic in 2020-21); key                      Disruptions/Delays due to Covid-19
efficiency indicators; and network expansion plans.                                               Revised Investment Requirements, Targets & Timelines
Railways in India 2021                                                                                                              Table of Contents

           New Technologies and Solutions                                   SECTION V: SEGMENT ANALYSIS: CONSTRUCTION
           Upcoming Opportunities
           Issues and Challenges                                            19.   Tracks: Current Network and Expansion Plans
           Upcoming Contracts and Tenders                                             Size and Growth
                                                                                      Network Expansion Targets versus Achievements
 14.   Regional Rapid Transit System                                                  Track Electrification

           Project Scope & Features                                                   Track Renewal and Repair

           Progress So Far & Key Milestones                                           Key Completed Projects

           Financing Experience & New Funding Options                                 Key Ongoing Projects

           Disruptions/Delays due to Covid-19                                         Disruptions/Delays due to Covid-19

           New Technologies & Solutions                                               Upcoming Tenders and Contracts

           New Corridors/Sections Identified                                          Network Expansion Plans

           Issues & Challenges
                                                                            20.   Bridges
           Upcoming Contracts & Tenders
                                                                                      Growth in Number of Rail Bridges
                                                                                      ROBs/RUBs Sanctioned
 15.   New Suburban Rail Systems
                                                                                      ROBs/RUBs under Setu Bharatam
           Progress So Far & Key Milestones
                                                                                      Technology and Design Trends
           - Bengaluru Suburban Rail System
                                                                                      Key Completed Projects
           - Mumbai Urban Transport Project Phases 3 and 3A
                                                                                      Key Ongoing Projects
           Disruptions/Delays due to Covid-19
                                                                                      Disruptions/Delays due to Covid-19
           Revised Investment Requirements, Targets & Timelines
                                                                                      Key Issues and Challenges
           New Technologies & Solutions
                                                                                      Upcoming Contracts and Tenders
           Issues & Challenges
           Upcoming Contracts & Tenders
                                                                            21.   Rail Tunnels
                                                                                      Size and Growth
 SECTION IV: SEGMENT ANALYSIS: FOCUS ON ROLLING STOCK
                                                                                      - Overall
                                                                                      - State-wise Analysis
 16.   IR's Fleet Size and Future Production Plans
                                                                                      Techniques for Tunnel Construction
           Trends in Production of Coaches: Growth in the Past Five Years
                                                                                      Analysis of Completed Projects
           Targets versus Achievements
                                                                                      Key Completed Projects
           Production during the Covid Times
                                                                                      Analysis of Ongoing Projects
           Net Holding of Diesel and Electric Locomotives
                                                                                      Key Ongoing Projects
           Net Addition of Wagons
                                                                                      Analysis of Upcoming Projects
           Production Plans & Targets (2020-21 and 2021-22)
                                                                                      Key Upcoming Projects
                                                                                      Disruptions/Delays due to Covid-19
 17.   Production Capacity and Expansion Plans                                        Key Issues and Challenges
           Existing Production Capacity
           Production of LHB Coaches                                        SECTION VI: NEW FOCUS AREAS: KEY INITIATIVES AND FUTURE STRATEGIES
           New Coaches and Trains
           New Components and Innovations in Design                         22.   Safety
           Upcoming Production Units Plans and Revised Timelines                      Current Safety Scenario
                                                                                      Expenditure Trends
 18.   Make in India                                                                  Rashtriya Rail Sanraksha Kosh
           Current Initiatives & Developments                                         Key Budget Announcements
           Initiatives in the Light of Covid-19                                       Government Initiatives in light of Covid-19
           Key Benefits & Cost Savings                                                Issues and Challenges
           The Way Forward                                                            Future Plans and Investments
Release Date: December 23, 2020 | No. of slides: 569                                                       Railways in India 2021

23.   Energy Requirements and Renewable Energy Potential                   DATABASE OF KEY PROJECTS
          Trends in Energy Consumption and Expenditure                     A comprehensive excel-based database of ongoing and upcoming projects in the
          Mission Electrification: Progress & Revised Timelines            railways sector. Each project provides information on:
          Initiatives to Reduce Traction and Non-Traction Consumption            Scope
          Transmission Network: Current Infrastructure & Expansion Plans         Project Cost
          New Captive Power Plants                                               Current Status
          Current Renewable Capacity                                             Segment (Tracks, S&T, Tunnels, Bridges, DFC, HSR, RRTS, Suburban rail,
          Key Ongoing Projects                                                   Station redevelopment, Rolling Stock, Electrification, etc.)
          Other Key Initiatives and Developments                                 Mode of Implementation (PPP or EPC)
          Issues and Challenges                                                  Contractor/Developer
          Upcoming Contracts & Tenders                                           Consultant
                                                                                 Funding Sources (wherever available)
24.   Signalling and Telecommunication Systems                                   Expected Network Addition
          Current Infrastructure and Practices                                   Expected Completion Date
          Recent Initiatives and Developments
          Expenditure Trends
          Technology Trends and Advancements
          Post-Covid-19 Initiatives & Focus Areas
          Market Opportunities
          Investment Plans and Requirements

25.   Digitalisation and Post-C
                              Covid-119 Technologies
          Current Practices & Digital Solutions Deployed
          Key Initiatives in the Light of Covid-19
          Technologies in the Post-Covid World
          Best Practices and Lessons Learnt
          Future Plans and Initiatives

SECTION VII: KEY RAILWAY PSUs

26.   Profiles of Key Railway PSUs
                                                                               Monthly Updates
                                                                               The 11 monthly updates will comprise 16-24 pages on:
          Braithwaite & Company Limited
                                                                                     - Analysis of Traffic and Earnings
          Container Corporation of India Limited                                     - Performance of Production Units
          Dedicated Freight Corridor Corporation of India Limited                    - Key Efficiency Indicators
          High Speed Rail Corporation of India Limited                               - Project Update
                                                                                     - Upcoming Tenders
          Indian Port Rail Corporation Limited
                                                                                     - New Project Announcements (New Lines, DFC, High-Speed Rail,
          Indian Railway Finance Corporation Limited
                                                                                        RRTS, Station Redevelopment, etc.)
          Indian Railway Catering and Tourism Corporation Limited                    - Key Data and Statistics
          Ircon International Limited
          Konkan Railway Corporation Limited                                   Weekly Newsletters
          Mumbai Railway Vikas Corporation Limited                             The 52 weekly newsletters will comprise 4-6 pages. It will cover news
          National High Speed Rail Corporation Limited                         developments in the railways sector relating to:
                                                                                     - Policy Announcements
          Pipavav Railway Corporation Limited
                                                                                     - Government Initiatives
          Rail India Technical and Economic Services Limited
                                                                                     - Project Completions/Awards/Announcements
          Rail Land Development Authority                                            - Update on Key Programmes
          RailTel Corporation of India Limited                                       - Key Financings
          Rail Vikas Nigam Limited                                                   - Etc.
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