 "Narendra Modi, Shinzo Abe")
“It is kind of free,” said Prime Minister Narendra Modi about the Mumbai-Ahmedabad High-Speed Rail project (referred hereafter by its popular name, the bullet train), in its ground-breaking ceremony last week. He was referring to its financing. Japan will provide Rs 88,000 crore (81 per cent) of the Rs 1.1 lakh crore cost as a 50-year loan at an annual interest of 0.1 per cent with a 15-year moratorium. These exceptionally favourable terms have led to a debate, as have several other features of this venture. Critics say that these parameters yield an unrealistic and overly optimistic internal rate of
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