A Descriptive Analysis of Risk Management with Specific Reference to High Speed Rail (HSR) in India

Infrastructure projects are susceptible to multifarious risks and High Speed Rail (HSR) is no exception. This paper discusses the definition of risks, the types of risks etc., with specific reference to HSR and their efficient management to reduce their consequences. As regards infrastructure projects, the management of risks needs to be tailor-made depending upon the type of project. Each project has its own inherent risks which are to be identified at the project formulation stage and remedial measures and how to arrest them at the initial stage itself have to be sorted out.

Effective transportation guides decisions in the area of policy making in virtually all sectors. It is necessary that a country has an efficient, economic and sustainable system of transport which has the minimum cost and reduces wastage of time. Hence, HSR is being introduced in the country as an alternative means of transport to people who have a higher value of time and thus would serve as an attractive alternative which saves time and associated costs. Many studies regarding passenger satisfaction, planning of train schedule to minimize travel time, steps for reducing the energy consumption, increasing travel/passenger capacity, selection of shortest route etc. have been done in the contexts of HSR in developed countries. However, there are not many studies relating to risk management and creating a model for risk assessment for a HSR system in a developing nation like India.