Railway Minister Suresh Prabhu is all set to reveal his second Railway Budget today. Following are the highlights of the Railway Budget for 2016-2017 presented by Railway Minister in the Lok Sabha today.
The Railway Budget, to be scheduled in Parliament on Thursday, is expected to focus on capacity creation in the rail sector with an increased outlay of about Rs. 1.25 lakh crore. While announcement of new trains is unlikely for the second successive year, a scheme for premium high-speed package trains is slated to be unveiled in the Budget.
Union Railway Minister Suresh Prabhu is all set to declared his second Railway Budget today.
The railway ministry, which is currently busy in a deep financial crisis, is likely to introduce cuts in crucial reserve funds to window-dress its financial condition and show a healthy operating ratio. In terms of a reign of services, Prabhu may also announce a move towards a common priority for at least eight railway services. The step, if taken, is bound to invite controversy
Railway-related stocks fall ahead of Union Rail Minister Suresh Prabhu’s speech.
- Trains may also get new color schemes to make the Indian Railways look more invigorated and lively.
- Union Railway Minister Suresh Prabhu at Parliament along with MoS Manoj Sinha carrying Rail Budget 2016 documents.
- Hope we will be successful in addressing the needs and goal of people of our country, says Railway Minister.
- Railway Budget has been prepared keeping in view goal, needs and concerns of people of the nation, says Suresh Prabhu.
- Union Railway Minister Suresh Prabhu reaches Rail Bhavan.
- Parliamentary associations Minister Venkaiah Naidu says it will be a good budget and in benefit of the nation.
- Let’s see what Rail Minister Suresh Prabhu gives, whether bullet train is going or whether people are going to get bullets, says Mallikarjun Kharge.
- Railway Minister Suresh Prabhu will present Rail Budget 2016 in Lok Sabha at noon.
- The Union Railway Minister had admitted in the Lok Sabha on Wednesday that resources of the railways are constantly decreasing as goods and passenger fares are not being decided in an optimum manner.
A new publicity policy to increase income is also likely while a reduction in freight rates is also expected. While falling incomes and increasing demand for funding various capacity augmentation projects demand a hike in passenger fares, the government may be wary of it with elections round the corner in four states. The cross-subsidy from goods to passenger operation has crossed Rs 30,000 crore this year whereas the Seventh Pay Commission burden is about Rs 32,000 crore.
Sources said the minister is likely to declare a new catering policy in his speech with special focus on e-catering. Despite the severe economic condition, the Railway Budget is expected to increase capital outlay to enable massive capacity creation. Focus will be on safety up gradation, electrification and repetition to clear traffic bottlenecks, sources said.
For year 2016-17 we expect the operating ratio of 92%. What is operating ratio?
We are facing two issues: tepid growth of our economy’s core sectors, increased productivity bonus payouts.
The Railways stood test of time because of its employees.
Core objective is to become an engine of service generation and economic growth at national level.
This budget will document a journey of transformation and journey of nation.
This Budget owes its motivation to vision of PM Modi who said: “My vision is to make railways backbone of India’s progress & economic development.”
Despite the harsh economic condition, the Railway Budget is projected to increase capital expenses to enable huge capacity creation.
The Indian Railways is considering a greater focus on tie-ups with local dealers for offering such a choice to travelers, as part of an attempt to strengthen its e-catering business.
More than 70 vendors including big chains such as KFC, Dominos and e-commerce companies like TravelKhana.com and food portal Food Panda have tied up with Indian Railways food preparation and Tourism Corporation to provide food on train.
Focus will be on safety up gradation, electrification and doubling to clear traffic jam, sources said by Railway Minister