Indian Railway Minister Suresh Prabhu announced the much awaited Railway 2015 budget at 12 noon on Thursday February 26.
Prabhu did not increase passenger fares but stressed on raising money from the banks and pension funds to fund expansion plans of the Indian Railways. He did not announce any new trains in his budget speech but said that studies are on going and announcements regarding new trains will happen at a later stage in this budget session of the parliament.
Modi says this Rail Budget will aid in railway reform.
#RailBudget2015 is a watershed moment for Railways,marking a paradigm shift from discussing coaches & trains to comprehensive railway reform
— Narendra Modi (@narendramodi) February 26, 2015
Modi says that the budget has laid out clear roadmap to make Railways the key driver of India's economic growth.
Prime Minister Narendra Modi this rail budget stands out for its focus on common man.
Minister said that Railways is in talks with World Bank for funding its expansion plan.
Prime Minister Narendra Modi has also tweeted in support of Prabhu's rail budget.
#RailBudget2015 stands out for its focus on the common man, putting speed, scale, service & safety, all on one track.
— Narendra Modi (@narendramodi) February 26, 2015
Suresh Prabhu is now addressing a press conference. He says money that is going to be raised is largely coming from market resources. He says this is the process world-over.
The stock markets haven't liked Prabhu's Rail Budget. The BSE Sensex has fallen 228 points.
Also Read: Sensex plunges 303 points as Rail Budget fails to cheer markets
Suresh Prabhu has ended his Rail Budget speech.
Review being done so that we can introduce new trains. It will be done in this budget session itself.
To promote self-employment, will promote products made by self-help groups especially women and youth.
We will spend Rs 2000 crore on Coastal Connectivity Program; Rs.2500 crore through BOT/Annuity route will be provided.
A detailed energy audit is being worked out to figure out energy savings. Procure power through open biddings. Rs 3000 crore savings expected from these initiatives.
Training in yoga will be imparted to our employees. Human resources is our strength. Measures to be taken up to improve employee productivity.
We will monetise our resources than sell them.
To raise money, we may include long term debt from domestic and overseas sources. Incredible response for this idea. banks and pension funds are also keen on investing in the railways.
Money has always been tight for the Railways. We are looking to moving away from debt, some projects can be equity driven.
We will have the train operations audited to improve productivity and bring in transparency.
The suburban rail networks are lifeline of cities like Mumbai, Chennai. We propose to take up MUTP 3 for Mumbai.
We will revamp existing PPP cell to make it more result oriented. Will help augmenting capital for railways and create more jobs in the economy.
Train protection warning system and train collision avoiding system to be introduced in trains.
In next financial year, 970 ROBs and RUBs and other safety related works to eliminate over 3000 railways crossings has been taken up.
High speed train feasibility study between Mumbai-Ahmedabad is underway. Transformation on railways present huge opportunity for 'Make In India' campaign.
Private freight terminals reviewing under process. Automatic freight rebate system launched and to be expanded soon.
Thrust on rail electrifrication. An increase of 1330% over previous year.
Happy to announce Meghalaya has been brought on Railways map.
Intend to fast track 7000 km to add double, third, fourth line to expand network capacity.
Wi-Fi on over 400 railway station under Digital India plan will be introduced.
Newly manufactured coaches will be Braille enabled & have wider entrances for differently abled passengers.
Train sets will be introduced. Similar to bullet trains, they will save 20% journey time and will run on existing tracks.
We will also provide facility to book wheelchairs online for senior citizens and differently-abled.
For safety of women, surveillance camera on pilot basis on selected coaches and suburban coaches without compromising privacy.
Defence travel system has been developed to make travel for defence personnel easier.
Dedicated toll free number for receiving security related information. Nirbhaya funds will also be utilised for ensuring safety of women.
The condition of toilet facilities need major improvement. We will build new toilets. Bio-toilets are being fitted in coaches. This year alone we tend to replace 17,000 toilets. Vaccum toilets design is underway.
REJOICE! NO HIKE IN PASSENGER FARES.
Multilateral banks and pensions funds have shown interest in investing in Railways. To get most of out additional resources, we need to improve standards of efficiency. Operating ratio at 88.5% as against trargeted of 93.6% in 2013-14.
We will partner to gain long term financinng and technologies from overseas. Also, partner with private sector. Rail will continue to be precious asset. People of India will always own the Railways.
Got over 20,000 responses from people including from social media. Have prepared forward-looking agenda. Railways have to go for a transformation.
Prabhu jokes that he asked 'Prabhu' how to make all this happen. He quotes a novel which has a fictional novel on building rails in India. Rail transport must be made reliable and safe, benchmarked to global standards.
Priortity to improve capacity on high density network. Average speed will increase and trains schedule will increase.
Investment in railways will have multiplier effect for the economy, Prabhu says.
Railways is an organisation that touches the hearts of all Indians including Mahatma Gandhi. Unfortunatley, Railways facilities have not improved substantially in the past decades.
Suresh Prabhhu begins his speech.
"We have to make Indian Railways a global benchmark organisation in safety, security and infrastructure," says Rail Minister Prabhu.
Suresh Prabhu says will keep the interest of Railways and the common man in mind and try to balance both.
Suresh Prabhu has left for Parliament to present Rail Budget. Speech scheduled at 12 noon.
Lok Sabha adjourned for 15 minutes.
Meanwhile, Suresh Prabhu reaches Rail Bhawan.
Uproar in Parliament over Venkaiah Naidu's remarks. Kharge demands apology. Naidu denies using unparliamentary language.
Opposition party threatens to disrupt Prabhu's budget speech.
Prabhu promises that the Budget will be for the people.
Budget accha hoga,janta ka budget hoga : Suresh Prabhu, Railway Minister
— ANI (@ANI_news) February 26, 2015
Will take the right step on fare hike, says Prabhu.
Railway Minister Prabhu tells a TV news channel that this Budget will show the right path to Indian Railways. "The first step will be taken today. The journey will be long but I am sure we will achieve our target," he said.
A quick recap of the expectations from the Railway Minister. Passengers demand better connectivity, safety and cleanliness.
Also Read: RAIL BUDGET 2015: Expectations from the Railway Minister
...And it begins.
Delhi: Copies of #RailBudget2015 brought to Parliament pic.twitter.com/KrcJ6lKVUO
— ANI (@ANI_news) February 26, 2015
Rail stocks don't seem to be having a good start to the day. After falling nearly 6% on Wednesday, they continue to fall in early morning trade on BSE Sensex. Texmaco Rail and Engineering Ltd is down 1.98% and Kalindee Rail Nirman has lost 2.77% of its value at 10.01 am.
The total approximate earnings of Indian Railways during 1st April 2014 to 31st January 2015 were Rs. 12,8,928.3 crore compared to Rs. 11,4,428.5 crore during the same period last year, an increase of 12.67%.
Although, the total approximate numbers of passengers booked during 1st April 2014 – 31st January 2015 dropped by of 0.56%, it remains to be seen if manages to open new revenue streams for the Railways without increasing passenger fares.
Check out the key statistics of Indian Railways.
Putting the final touches to #RailBudget2015 : MR @sureshpprabhu.! pic.twitter.com/vCEDhz8lga
— Ministry of Railways (@RailMinIndia) February 25, 2015
Minister of State Railways Manoj Sinha tries to give early cheer to passengers. Says the Budget will bring smile to everyone's face.
Expansion & modernization of Indian Rail network will be seen,passengers will be benefitted: Manoj Sinha,MoS Railways pic.twitter.com/bdPTBsghpd
— ANI (@ANI_news) February 26, 2015
Former Rail Minister Pawan Bansal says that people have large expectations from this Rail Budget.
People want more trains, greater connectivity: Former railway minister Pawan Bansal http://t.co/FF9hSHJQcP
— Zee News (@ZeeNews) February 26, 2015
Bullet trains were talk of the town last year and an interim report on the same was even submitted on November 21, 2014. The train is expected to run between Mumbai-Ahmedabad. Will Prabhu make a significant announcement today?
Also Read: Mumbai-Ahmedabad bullet train: Pipe dream or economical boon?
dna gives a lowdown on some of the things a vast majority of armchair budget-watchers believe might come true in today's Rail Budget.
Also Read: 'Bihar special' railway budget or achche din for Konkan Railway, Mumbai debates
Former Rail Minister Pawan Bansal said that emphasis should be on upgrading current network, bullet trains are not something that is too important.
Bullet trains is an iconic project,it’s nt something which is absolutely important, as cost will be too high:Pawan Bansal,Frmr Rail Minister
— ANI (@ANI_news) February 26, 2015
On the eve of Railway budget, Prabhu said that his ministry has made best efforts to fulfil people's aspirations of new trains and better connectivity. He said that attempts are being made to meet people's expectations as much as possible.