Mumbai local train stations have a notorious reputation of mass traffic and tragic limitations of space.
Kishore Thakkar, another witness, said the bridge became overcrowded as people stopped, waiting for the rain to ease.
He explained, "A big crowd had gathered on the footbridge. People at the front slipped and the huge crowd toppled over leading to the stampede", spokesman Ravindra Bhakar told AFP.
Goyal questioned people who oppose Bullet Train. 5 lakhs will be given by the state government and Rs. 5 lakhs on behalf of the railways.
In another tweet, he said: "Railway Minister may take pledge on day after".
He said the proposed Mumbai-Ahmedabad Bullet train is not for ordinary people and it is only "an ego trip for the high and mighty".
A top police official said overcrowding led to the stampede.
Stampedes are very common in densely populated India and the latest incident has sparked a debate about India's creaking urban infrastructure.
Cities like Mumbai are particularly vulnerable because of the pressures of population.
Following the accident on Friday, the finger is on the railway administration.
Mumbai, a city of more than 18 million people, is home to companies such as Reliance Industries and the Tata Group, India's two main stock markets and the country's film industry. "Those who go to work on trains here leave their homes wearing a shroud".
People were trapped on the stairs and the decades-old bridge, crammed so tight in the narrow space that several suffocated to death. "There was nobody helping, it was very suffocating, and we just wanted to get out of there - and fell on each other".
In the incident, people can be seen trying to climb over the railings of the stairway to escape the stampede. However, why the project never took off has yet to be revealed.
An investigation has been launched into the causes of the disaster, but overcrowding on India's vast, crumbling railway network is a perennial problem.
Union Railway Minister Piyush Goyal on Saturday said that he had asked railway authorities to spend "whatever is necessary" to improve safety, ANI reported. Rail Minister Piyush Goyal was scheduled to flag off 60 new suburban train services in Mumbai.