NEW DELHI, Feb 26 - Indian Railways Minister Lalu Prasad Yadav on Tuesday announced cuts in passenger and freight fares as he unveiled financial plans for one of the world's largest rail networks.
Following are the highlights from his budget speech.
Following are the highlights from his budget speech.
PERFORMANCE: 2007/08
* Double digit growth in traffic earnings maintained in first nine months. * Growth in passenger earnings at 14 percent. * Expected growth in goods earnings at 14 percent. * Operating ratio likely to improve from the budgeted 79.6 percent to 76.3 percent, the best in last four decades. * Net revenue expected at 184.16 billion rupees and surplus after payment of dividend expected at 135.34 billion rupees.
* Double digit growth in traffic earnings maintained in first nine months. * Growth in passenger earnings at 14 percent. * Expected growth in goods earnings at 14 percent. * Operating ratio likely to improve from the budgeted 79.6 percent to 76.3 percent, the best in last four decades. * Net revenue expected at 184.16 billion rupees and surplus after payment of dividend expected at 135.34 billion rupees.
BUDGET ESTIMATES
* Freight loading target: 850 million tonnes. * Revenues in freight earnings to be 527 billion rupees; passenger earnings to be 216.81 billion rupees. * Gross traffic receipts to be 819.01 billion rupees. * Cash surplus before dividend to be 247.83 billion rupees after making an ad-hoc provision of nearly 50 billon rupees for anticipated recommendations of the Pay Commission.
ANNUAL PLAN 2008/09
* Annual plan of 375 billion rupees is the largest so far. * Thrust areas include enhancement of high density network routes, improvement and expansion of traffic facility and network, construction of flyovers, bypasses and upgradation of goods sheds. * Expenditure on new lines - 17.30 billion rupees; Gauge conversion - 24.89 billion rupees; Electrification - 6.26 billion rupees; Metropolitan transport projects - 6.50 billion rupees * Expenditure on track renewal - 36 billion rupees; Bridges - 6 billion rupees; Signal & telecommunication works - 15.20 billion rupees; Road over/under bridges - 7 billion rupees and manning of unmanned level crossings - 6 billion rupees. * Spending on passenger amenities - 8.52 billion rupees, the highest so far. * Targets : New lines - 350 kms; Gauge conversion - 2,150 kms; Doubling - 1000 kms. PASSENGER SERVICES * 53 pairs of new trains. * 300 additional services in Mumbai suburban network. * Provision of on-line coach indication display board; on-line train arrival, departure information board; on-line reservation availability information board. * Provision of discharge-free environment-friendly toilets in all 36,000 coaches in the 11th Plan period at a cost of 40 billion rupees. * Senior citizen concession for women enhanced to 50 percent from current 30 percent. * Free monthly seasonal ticket to girl students up to graduation level in place of 12th standard and for boys up to 12th standard in place of 10th standard. * Termination of queues at ticket counters targeted in two years. * Ticket booking on mobile phones; e-ticket for waitlisted passengers. * One rupee discount per passenger for fares up to 50 rupees in ordinary and mail/express second class. * 5 percent discount across the board for passenger fares beyond 50 rupees for all ordinary and mail/express second class. * Increase in discount for travel in new design, high capacity reserved coaches. * Reduction in fare - AC-I : 7 percent; and AC-II : 4 percent (the reduction will be half for popular trains and during peak period).
FREIGHT BUSINESS* Annual plan of 375 billion rupees is the largest so far. * Thrust areas include enhancement of high density network routes, improvement and expansion of traffic facility and network, construction of flyovers, bypasses and upgradation of goods sheds. * Expenditure on new lines - 17.30 billion rupees; Gauge conversion - 24.89 billion rupees; Electrification - 6.26 billion rupees; Metropolitan transport projects - 6.50 billion rupees * Expenditure on track renewal - 36 billion rupees; Bridges - 6 billion rupees; Signal & telecommunication works - 15.20 billion rupees; Road over/under bridges - 7 billion rupees and manning of unmanned level crossings - 6 billion rupees. * Spending on passenger amenities - 8.52 billion rupees, the highest so far. * Targets : New lines - 350 kms; Gauge conversion - 2,150 kms; Doubling - 1000 kms. PASSENGER SERVICES * 53 pairs of new trains. * 300 additional services in Mumbai suburban network. * Provision of on-line coach indication display board; on-line train arrival, departure information board; on-line reservation availability information board. * Provision of discharge-free environment-friendly toilets in all 36,000 coaches in the 11th Plan period at a cost of 40 billion rupees. * Senior citizen concession for women enhanced to 50 percent from current 30 percent. * Free monthly seasonal ticket to girl students up to graduation level in place of 12th standard and for boys up to 12th standard in place of 10th standard. * Termination of queues at ticket counters targeted in two years. * Ticket booking on mobile phones; e-ticket for waitlisted passengers. * One rupee discount per passenger for fares up to 50 rupees in ordinary and mail/express second class. * 5 percent discount across the board for passenger fares beyond 50 rupees for all ordinary and mail/express second class. * Increase in discount for travel in new design, high capacity reserved coaches. * Reduction in fare - AC-I : 7 percent; and AC-II : 4 percent (the reduction will be half for popular trains and during peak period).
* 5 percent reduction in freight rates for petrol and diesel. * 14 percent reduction in freight rate for fly-ash. * 30 percent discount on entire traffic in place of incremental traffic booked from goods shed. * Increase in discount on incremental traffic booked from private sidings to 40 percent from 30 percent. * 6 percent freight concession for traffic booked from other states for stations in North Eastern states. * New/dedicated iron ore routes to be upgraded/constructed. * Work on eastern freight corridor from Ludhiana to Dankuni (Kolkata) and Western freight corridor from Delhi to JNPT to start in 2008-09. * Procurement of rolling stock: all time high of 20,000 wagons, 250 diesel and 220 electric locomotives to be manufactured. * New wagon leasing policy and wagon investment scheme formulated to increase availability of wagons in the system. * Discounts for development of bulk and non-bulk goods terminals.
FUTURE VISION
* Vision 2025 document aims to set roadmap for next 17 years. * Information Technology Vision 2012 aims at radical changes in IT applications on a common platform with focus on improvement in operational efficiency, transparency in working and better services to the customers. * Public-private partnership schemes to be launched for attracting an investment of 1 trillion rupees over the next five years for developing stations, rolling stock and other logistics. * Commercial use of railway land by rail land development authority to give a boost to railway revenues.
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