New tracks, new trains, new coaches, 99.6% electrification. Where does the money for all of it actually come from?
Most people have never heard of the Indian Railway Finance Corporation. Yet more than 80% of the coaches and wagons Indian Railways has bought since 1986 came through IRFC money, and trains you have travelled in, Rajdhani, Shatabdi and Vande Bharat among them, sit on IRFC's books to this day.
In this episode, host Rahul Makin sits down with Shri Manoj Kumar Dubey, CMD and CEO, IRFC, for a conversation that explains the invisible financial engine behind Indian Railways.
What we cover:
How IRFC was set up in 1986 and why the leasing model was built the way it was
Why a balance sheet of ₹5 lakh crore is run by a team of just 70 people
Zero NPA, and how that lets IRFC borrow cheaper than its peers
What happened in 2023 when Indian Railways stopped needing IRFC's money, and how IRFC 2.0 was born
Funding metro rail, Rapid Rail, bullet train corridors and dedicated freight corridors
The ₹20 lakh crore of rail investment expected over the next 5 to 10 years
IRFC's role in renewable energy and the 2030 and 2050 targets