As the sun shines bright on Thursday, thousands have set their eyes on country’s Rail Budget, which will be presented by Railway Minister Suresh Prabhu in the parliament today.
This edition would be the BJP government's first full year Rail Budget that is expected to bring major reforms in Railways with focus on attracting investment and modernisation of trains topping the list.
Speaking to media prior to the budget session, Manoj Sinha MoS (Minister of State) Railways reassured of a populist budget. “Common man will be given prime importance. Expansion and modernization of Indian Rail network will be seen and passengers will surely be benefited,” said Manoj Sinha.
Indian Railways has been battling acute financial crisis and badly needs funds for completion of several crucial rail projects. Reportedly, 359 railway projects worth Rs 1.82 lakh crore are pending.
As per Suresh Prabhu, railways is in need of $100 billion or Rs 6 lakh crore funding during the next 3-4 years for a smooth sailing or tracks. However, Central government is expected to allocate mere Rs 50,000 crore as budgetary support. Hence, the biggest challenge that lies in front of the ministry is to raise funds from external source of funding.
Reduction in fares have already being ruled out in the context of falling oil prices. Thus, in a bid to raise additional funds, ministry will be inviting foreign direct investment or public-private participation by introducing several interesting schemes.
Moreover, security, women safety and Prime Minister Narendra Modi’s ‘swachh bharat abhiyan’ will also be on government’s key agenda.
In the first Rail Budget by Modi led government in July 2014, fares were hiked by 14.2 per cent and freight rates by 6.5 per cent.
However, as the day progresses with bright sunshine, the rail budget is likely to give as much brightness to rail passengers as the sun of spring season is expected to give.
