"The Indian railways plans to invest 700 billion U.S. dollars through partnerships, joint ventures and collaborations to strengthen the infrastructure and reach the farthest corners of the country in the next 12 years," Indian Railways Minister Piyush Goyal said.
The minister revealed the information while addressing a function to mark the 100 years of Associated Chambers of Commerce and Industry of India (ASSOCHAM) in New Delhi.
ASSOCHAM is one of the apex trade associations of India.
India's sprawling railways is the world's third-largest network, ferrying around 23 million people each day. The government is struggling hard to modernize railways in the country.
Earlier this month country's national auditor -- Comptroller and Auditor General (CAG) said in its report to the parliament that the operating ratio of railways during 2017-18 was 98.44 percent, the worst in the last 10 years.
The operating ratio is a measure of expenditure against revenue.
According to CAG, an operating ratio of 98.44 percent means that Indian railways spent 98.44 U.S. dollars to earn 100.