India promises more investment in decrepit railways

NEW DELHI (Reuters) - India will increase investment in its overloaded railway network to 8.5 trillion rupees ($137 billion) over the next five years, the government said on Thursday, promising to modernise existing tracks and introduce faster trains.

Railway minister Suresh Prabhu said the proportion of rail revenue available for investments would rise to 11.5 percent in the fiscal year starting on April 1, up from 8.2 percent in the current fiscal year.

In a speech to parliament that outlined the annual railway budget, Prabhu did not lower or raise passenger fares, which are heavily subsidised.

($1 = 61.9400 rupees)

(Reporting by Frank Jack Daniel; Editing by Douglas Busvine)