IMC Compliments Rail Minister for Growth-Oriented, Pro-People Budget

Mumbai, 26 February: Indian Merchants’ Chamber has welcomed the annual Railway Budget presented in the Lok Sabha today.

"It is a please-all budget; yet it is oriented to growth and modernization. We compliment the Railway Minister Mr Lalu Prasad Yadav for presenting such a pro-growth pro-people budget for the 5th year during the tenure of the present Lok Sabha," said Mr Niraj Bajaj, IMC President, in a press statement issued in Mumbai on February 26.

So keeping the common man in mind, the railway minister has cut passenger fares. He announced a cut of 5% in second class sleeper class train fare; AC-1 train fare down by 7%, AC-2 tier fares down 4%, AC-3 tier fares down by 3%./ Freight rates cut by 5% on petrol and diesel. This could lead to curbing the rising menace of inflation.

Huge provisions earmarked for investment for expansion of passenger facilities and increasing cleanliness and comfort, for introducing new passenger and goods trains, container services, for improving railway infrastructures linking all major ports augur well for overall economic growth.

"Most of the schemes announced in the railway budget are to be implemented in active participation of the private sector, which will go a long way in ensuring efficiency. Mr Bajaj said.

"That the Minister has been able to ensure as high as 21% return on investment (ROI) and earn a cash surplus of over Rs.25,000 crore in 2007-08 speaks volumes for Mr Yadav's remarkable gifts of superb planning and execution. His target to achieve an additional 310 million tonnes of frieght loading in the next four years speaks volumes for the exemplary strategy adopted by him," he said.

"He has sought to increase the railways' revenues by massive expansion of volumes - both in terms of number of passengers and amount of cargo handled - instead of resorting to raising the fares and freight rates," he said.