IRFC 2.0: Financing Infrastructure through Discipline, Depth, and Domestic Strength

The shift was shaped by a broader policy evolution.

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IRFC has undergone a visible strategic shift in recent years. What were the key factors that prompted this transition?

With Indian Railways receiving full budgetary support for capital expenditure, IRFC experienced a pause in disbursements. While this reflected the government's strong fiscal position, it also underlined the need for IRFC, as a listed entity, to build a more resilient and diversified business model. That moment encouraged us to reexamine our mandate and position IRFC for long-term relevance within India's infrastructure financing ecosystem.

How does diversification align with IRFC's original mandate?

Diversification is not a departure from our mandate; it is a fuller expression of it. Our charter allows us to finance assets with backward and forward linkages to railways. Railways do not operate in isolation — they are embedded in logistics, power, urban mobility, and industrial supply chains. By financing these linked sectors, we are strengthening the railway ecosystem while supporting national infrastructure priorities in a holistic manner.

IRFC now competes actively with banks and other financial institutions. What gives you confidence in this competitive environment?