Rail Budget 2017–2018: Indian Finance Minister Mr. Arun Jaitley has declared the Rail Budget for this year today on 1-02-2017.
While his speech in Lok Sabha, he disclosed many facts regarding the Budget for the year 2017-18. This is the first time that the Railway Budget and the union budget are merged together. Mr. Arun Jaitley has discussed all the plans regarding the New Railway Lines and given all the Key Highlights about the New Railway Budget. Here you can get all the Live Updates regarding the major budget merge and decisions.
Distribution of Rail Budget:
- The total capital that is to be invested in the development of the railway sector is Rs 1, 31,000 crores.
- As part of the deep-seated re thinking on improving the country’s transportation architecture, this is for the first time in 92 years that a combined budget has been presented as the merger of the railway budget with the Union budget.
- This is a break from the colonial legacy of having a separate railway budget which was recommended by British politician William Ackworth in 1924.
Rail Budget Key Highlights:
The announcement for Indian Railways focused on four broad themes:
CAPITAL AND DEVELOPMENT FOCUS,
FINANCIAL ACCOUNTING REFORMS AND
The set of plans announced look like to recognize the challenge that Railways is losing share in both freight and premium passenger services to alternate modes of transport, and hence an integrated approach to improving safety, cleanliness and passenger comfort, and higher levels of service to freight customers through end to end services have been introduced in this budget.
Check Out: Budget 2017-2018 Live Updates
Rail Budget Updates:
- Passenger’s safety is also taken as a consideration this time.
- Our finance minister has revealed a fact regarding the Rashtriya Rail Sanraksha Kosh as it will be stated with a safety fund worth Rs 1 lakh crore over 5 years (20,000 crore per year).
- He said that clear guidelines for safety will be drawn out. FM Jaitley also said that all unmanned railway crossings will be eliminated by 2020.
New railway lines
- Railway lines of 3,500 km will be commissioned in 2017-2018.
- Railways have put up joint ventures with 9 state governments.
- At least 25 stations are to be awarded for redevelopment.
- Around 500 stations will be made disable-friendly.
- At least 7,000 stations will be feeded with solar power in the medium term
- Till now300 stations are already feeded with it
- He added that work will be taken up for 2000 stations as part of the government’s 1000 Megawatt solar mission.
- He also said that by 2019, all rail coaches will have bio-toilets.
The government has decided to provide a coach mitra facility through which all the complaints regarding the coach are registered at one place.
Bookings and Tariff
- Service charges on e-tickets booked through the IRCTC website will be withdrawn in an effort to push digital transactions.
- Tariffs will be fixed taking into account cost of other forms of transport.
- Fares can be expected to rise.
- He also announced that Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges.
New trains and policies
- Some steps will also be taken to launch pilgrimage trains.
- A new metro rail policy will be put in place.
Read Here: Political Current Affairs
Mr. Jaitley said that attempts will be made to improve Indian Railways operating ratio.
SUMMARY OF THE RAILWAY BUDGET:
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