The Union Railway Minister Shri Suresh Prabhakar Prabhu has announced the proposal to launch “Foreign Rail Technology Cooperation Scheme” in order to achieve the higher quality service for our nation. Presenting the Railway Budget for 2015-16 in Parliament today he said that Technology intensive and complex projects like speed raising and station redevelopment require lot of handholding by a specialized agency in terms of preparatory work, exploring technology options and managing bid processes. Indian Railways have signed in the past MOUs for technical cooperation with number of foreign railways or their entities.