News
No change in fares and freight; three new trains in Rail Budget


The Railway Budget for 2016-17 spared passengers and goods movement from any increase in tariffs while it announced introduction of three new superfast trains and creation of dedicated north-south, east-west and east coast freight corridors by 2019.
Presenting his second Budget in the Lok Sabha on Thursday, Railway Minister Suresh Prabhu promised rationalising of the tariff structure by undertaking a review to evolve competitive rates vis-a-vis other modes of transport and to expand the freight basket as a means of additional revenue mobilisation.
Unlike last year when he tweaked freight rates, Prabhu made no changes either in passenger fares or freight rates.
The three new superfast trains announced by him include ‘Humsafar’ which will be a fully air-conditioned 3AC service with option of meals. ‘Tejas’ will showcase the future of train travel in the country with speed up to 130 km per hour and onboard services such as entertainment, local cuisine and WiFi. The two trains will ensure cost recovery through tariff and non-tariff measures while ‘Uday’ will be an overnight double-decker along with ‘Utkrishit’ double-decker air-conditioned yatri express on the busiest routes.
Prabhu also announced setting up of a Rail Development Authority to enable fair pricing of services, promote competition, protect customer interest and determine efficiency standards. The draft Bill in this regard will be ready after holding extensive stakeholder consultations.
Outlining the Budget estimates for the coming year, the minister put the Plan size at Rs 1.21 lakh crore.The focus will be on capital expenditure with a mix of various sources of funding in order to ensure the projects are given assured funding.
Prabhu gets industry pat
Railway Minister Suresh Prabhu’s Budget announcement on redevelopment of 400 stations through the private-public partnership (PPP) model has been described as “a very progressive and welcome move” by AnujPuri, Chairman & Country Head of JLL India.
-
News1 week ago
April Shower: Real Estate Gets Booster Shot as RBI Cuts Repo Rate by 25 BPS
-
News3 days ago
Gaur City Mall Buzzes as Superstar Sunny Deol Promotes Latest Film ‘Jaat’
-
News1 week ago
RBI’s Second Consecutive Repo Rate Cut to 6% Spurs Optimism Across Real Estate Sector
-
News6 days ago
Vegas Mall Hosts Grand Event on April 13 to Celebrate the Spirit of Baisakhi
-
Guest Column1 week ago
Look East: How Noida, Greater Noida are Poised to Ride India’s Retail Leasing Surge
-
News3 days ago
Superstar Sunny Deol Visits VVIP Style Mall, Ghaziabad
-
News7 days ago
ANAROCK Appoints Vik Lulla to Lead US Commercial Leasing and Advisory Operations
-
News7 days ago
Cyclothon 2.0 Receives Warm Welcome at World Street by Omaxe