解锁增长：印度铁路货运组合多元化

July 2025 Foreword Vimal Kejriwal ChairmanFICCI Committee on Transport Infrastructure andManaging Director & CEO, KEC International I am happy to share with you theFICCI-PwCknowledge report on‘Unlocking growth: Railway freightportfolio diversification in India’atFuture Rail India 2025, the sixth edition of the Smart RailwaysConclave, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). Indian Railways has been central to powering our country’s economic growth, serving as a key enablerof not just people connectivity but also large-scale, cost-efficient freight transfer. With the railwayshaving set an ambitious target of achieving 3,000 million tonnes (MT) of freight movement, it isincreasingly clear that the sector’s future growth will require it to tap into new non-traditionalcommodities beyond conventional bulk segments such as coal, cement and iron ore. Expediting criticalprojects such as multitrack congested routes, achieving 100% electrification, and upgrading speeds to160 kmph on various routes are some of the efforts that have been made towards the sector’s expansion. With India’s economy rapidly evolving, the logistics landscape is undergoing a fundamentaltransformation. To reduce logistics costs and sustain economic momentum, it is imperative to diversifythe freight portfolio by including high-value, time-sensitive cargo. This shift will be essential to supportgrowth in sectors like manufacturing, retail and e-commerce, while also strengthening the railways’revenue base and building a future-ready, globally competitive logistics ecosystem. This FICCI-PwC knowledge report offers a comprehensive, data-backed analysis of India’s current railfreight composition, the pressing need for diversification, and the strategic roadmap required to unlockthis potential. It highlights emerging opportunities in high-value, lightweight and distribution-intensivecommodities, while also addressing operational, infrastructure and pricing-related gaps that need to bebridged. The report also provides an extensive study of some critical aspects such as private investments,the transformative role of technology and skill development in advancing rail infrastructure. I hope this report serves as a valuable resource for industry stakeholders and policymakers, facilitatinginformed dialogue. We welcome your suggestions and feedback. Foreword Vivek Lohia Co-Chairman (Railways), FICCI Committee on Transport Infrastructure &Managing Director, Jupiter Wagons Limited It is a privilege to share with you theFICCI-PwC knowledge report on ‘Unlocking growth: Railwayfreight portfolio diversification in India’, releasedat Future Rail India 2025, the sixth edition ofthe Smart Railways Conclave, organised by FICCI. Indian Railways has long served as a critical pillar of India’s economic progress and continues to play afoundational role in powering India’s freight movement, carrying over 1.58 billion tonnes of goods in2023–24 alone.1Yet, the composition of this volume remains dominated by conventional bulkcommodities, with coal alone accounting for over INR 829 billion of the INR 1,650 billion freightrevenue.2While this underscores operational reliability, it also reflects a long-standing dependency thatmust be rebalanced to align with emerging industrial and consumption-led sectors. India’s transition towards a high-value, service-oriented economy demands a freight ecosystem that isagile, technology-enabled and customer-centric. Rolling stock must adapt accordingly, shifting fromstatic designs to modular, container-compatible and sector-specific solutions. Containers have emergedas a strategic enabler, providing flexibility, cargo security, and intermodal efficiency. They make itpossible to accommodate a wider range of commodities and support the growth of newfreight segments. This report explores the complex challenges of freight diversification, ranging from infrastructurereadiness to asset utilisation, while also providing a roadmap for boosting freight efficiency. For rollingstock manufacturers and logistics providers, the opportunity lies in delivering agile, future-readysolutions that driveefficiency, sustainability and private sector collaborationacross India’slogistics landscape. Appreciably, Indian railways has substantial research data to establish a long-term vision and achieveshort-term targets for elevating its contribution in both the freight and passenger sections. Actionablepoints include doubling the average speed of freight trains and commissioning multimodal cargoterminates as well as building up rolling stock assets in the private sector. This report will endeavour topresent various insights on the above. I hope this report fosters meaningful collaboration across stakeholders to reimagine the role of Indian Railwaysin tomorrow’s freight landscape. We welcome your views and look forward to working together towards a morebalanced and future-ready transport system. Message from Pw