Why railways are important for economic development?
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Railways were the most important infrastructure development in India from 1850 to 1947. In terms of the economy, railways played a major role in integrating markets and increasing trade. ... The Government of India had a strong influence on railways from the beginning, but the government's role increased over time
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Railways were the most important infrastructure development in India from 1850 to 1947. In terms of the economy, railways played a major role in integrating markets and increasing trade. ... We argue that guarantees weakened incentives to lower costs, but they also encouraged rapid railway development.
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