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Titagarh’s Chowdhary Says Indian Railways Raising Too Much Debt

Feb. 25 (Bloomberg) -- J. P. Chowdhary, chairman of Titagarh Wagons Ltd. comments on the Indian Railways’ budget released today by Minister Mamata Banerjee.

The $12.7 billion budget plan outlay involves doubling of borrowing to $4.5 billion in the year starting April 1. Additional investment will come through private industry participation through public-private partnerships. Chowdhary spoke to reporters in New Delhi.

Titagarh Wagons tumbled 13 percent, the most in 19 months, to 332.55 rupees at the 3:30 p.m. close of trading in Mumbai. The benchmark Sensitive Index rose 0.4 percent.

“There’s too much emphasis on borrowing. She needs to take advantage of the eagerness of the industry and resolve India’s financial constraints by engaging in PPPs instead of taking on further debt.

“The emphasis she has given on PPP projects by announcing a mechanism for single window clearance is very welcome. We feel that there will be a lot of progress in this direction.”

To contact the reporter on this story: Kartikay Mehrotra in New Delhi at kmehrotra2@bloomberg.net.

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net.

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