Railways to attract private funding to upgrade its properties, says Railway Minister Suresh Prabhu

Railway Ministry Suresh Prabhu said Saturday that private fundings would be attracted to reduce dependency on public finances.

"There is no proposal to privatise railways. But there is a proposal to optimise the utilisation of all value assets in a way to supplement the public investment in railways," Prabhu said on board a special train from Karmali railway station to Thivim station.

"Private capital helps to reduce burden on public finances which is generated by taxing people through income tax or indirect taxations. It will help railways to provide better services and income will also increase," he said. Prabhu also announced upgradation of all 8,000 railway stations across the country on priority basis through transparent methods.

"Passengers often complaint about lack of upgradation of stations. If we continue with the current pace then it will require 150 years for us to complete them. That is why we have decided to chalk out the plan. We will upload the details on website and anyone interested in the upgradation work (of stations through private fundings) can submit us the plan," he said.

Emphasising on bringing transparency in functioning of the Indian railways, he said they have requested former CAG Vinod Rai to help Railways in this regard.

In an important step, Prabhu said he has issued directives that none of the tender would be referred to the minister. "Tenders would be decided at their respective levels wherein officers would be given responsibility," he added.