Rail Minister Sadananda Gowda made waves even before he presented his maiden Budget with a 14.2 percent hike in passenger fares and 6.5 percent rise in freight charges across the country.
Proposing foreign direct investment (FDI) in the Railways, Sadananda Gowda in his maiden Budget on Tuesday said that he will seek cabinet approval for the same.
He was flooded with requests for new trains and railway lines from all across. He said the government is targeting to become the largest freight carrier in the world. He said the Indian Railways is the backbone of defence systems supply chain and is the driver of Indian economy.
Gowda said there was need to increase the fares to cut down the losses. Railways are generating a meager surplus for capex every year and need Rs 50,000 crore every year for 10 years. "The tariff policy lacked rational approach so far. Thus, the sector suffered from sanctioning of projects against completion," he said.
High-speed trains, world-class stations and safe journeys topped the government's agenda in the Railway Budget .
The high-profile Golden Quadri-lateral Rail Network, linking the four metro cities, featured in the list along with running semi-high-speed trains on select routes, which were meant for immediate implementation.
Expectations were riding high post the Prime Minister's recent comments on bolstering Railways and seeking private investment in the sector. And all eyes were on Railway Minister Sadananda Gowda—whether he would deliver a game changer Budget. The sector experts were expecting fine-tuning of the PPP model to attract more investment along with announcements on the government's initative to get foreign direct investment (FDI).
Gowda made waves even before he presented his maiden budget with a 14.2 percent hike in passenger fares across the country. However, the government has put the blame on its predecessor UPA for the rail price hike.
"The earlier government made this plan of tackling the losses but they did not implement it. This was even calculated in the earlier budget and consulted with the former PM . Just that they stayed the order. So, now how can they come out and say that this government is doing something wrong," Gowda said.
The government has also been facing pressure from allies who are forcing a partial rollback but the freight fare hike of 6.5 percent remained unchanged.
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Modi Railway Budget 2014: Need Rs 50,000 cr every year for 10 yrs, says Gowda
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