Zee Media Bureau
Railway Minister Suresh Prabhu pledged to look for options to raise money to improve the country's rail network, stating that approximately 8.5 lakh crore rupees would be invested over five years.
The Minister around Rs 20,000 crore would be invested in railways by a government organisation. He did not mention the organisation's name.
“We are in talks with World Bank for financing,” Prabhu said. “We can't depend solely on gross budget support.”
Prabhu said the railways had earlier suffered because the country could not invest enough.
The Railway Minister said around 1,300 kilometres of system contracts would be awarded in FY16 in partnership with public sector units, and Rs 66,581 crore was approved to remove 2,500 level-crossing.
Freight rates would also be rationalised, with a hikes of 10 percent for urea and grain, 3.1 percent for scrap and pig iron and 0.8 percent for kerosene. The freight rates for diesel, however, would be lowered by 1 percent.
Other innovations would include sourcing solar power for railways.
He also stated the focus of the budget was on safety, and there would be an increased quota for senior citizens.
