Indian Railways is planning to introduce two new public-private partnership models—the Development Partner Model and Hybrid Annuity Model—to attract private capital into a INR 2.62 trillion asset pipeline under the National Monetisation Pipeline 2.0.
The move comes as the national transporter seeks to make large infrastructure projects more attractive to private investors, particularly projects that may not have an immediately identifiable standalone revenue stream.
Under the proposed Development Partner Model, private developers could help develop and operate selected railway assets and infrastructure, while Indian Railways would retain operational control over strategically important assets.
The Hybrid Annuity Model, adapted from the highway sector, is also expected to help structure projects in a way that reduces investment risks and encourages greater private-sector participation.
The models could support investment across areas including new railway lines, station redevelopment and freight infrastructure, helping Indian Railways accelerate development while reducing its reliance on public funding.
The initiative forms part of the broader effort to unlock value from railway assets under NMP 2.0 and expand the role of private capital in India’s transport infrastructure development.