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Blog Entry# 1961939
Posted: Aug 13 2016 (21:45)

1 Responses
Last Response: Aug 13 2016 (21:45)
Rail News
Rail Budget
Aug 13 2016 (19:33)   Rail Budget's over 90-year old journey may come to an end in 2017

rdb*^   133332 news posts
Entry# 1961939   News Entry# 277177         Tags   Past Edits
In what could be a historic move, the Narendra Modi government is all set to abolish over 90-year old tradition of presenting separate rail budget from next year onwards. A report in ToI quoting Finance Ministry sources claimed that Arun Jaitley has given his nod for the merger of the Union Rail Budget with the Union Budget from next year. The practice of separate rail and general budget was started way-back in 1924.
The report quoting sources in the ministry said that the government has formed a five-member committee to chalk-out the modalities for the proposal. Railways minister Suresh Prabhu had himself written to Arun Jaitley-led finance ministry for the merger of both the budgets. After Prabhu wrote to Jaitley, the finance
ministry started considering the proposal. Suresh Prabhu has said in Rajya Sabha that the Rail Budget should be merged with the general budget. “As far as Railway Budget is concerned… I have written a letter personally to the Finance Minister saying we are willing for merger (of Railway Budget with the General Budget). In fact, I had suggested even last year. So it’s not that I want to just present a budget. I am looking at a national interest,” Suresh Prabhu had said.
Also Read: Talgo completes Delhi-Mumbai train journey in 12 hours 7 minutes at maximum speed of 140 kmph
Bibek Debroy, who is a member of Niti Aayog, has also voiced support for the same. Debroy, in his note titled ‘Dispensing with the Rail Budget’, has urged for merger of both the budget terming the exercise as ‘mechanism to announce popular measures’. Niti Aayog vice chairman Arvind Panagariya also said that the move could become a reality next year.
Suresh Prabhu has also said that Railways can contribute around 2-2.5 per cent of the GDP but investments are needed for that. Indian Railways is facing huge burden of 7th Pay Commission of about Rs 30,000-40,000 crore in addition to the subsidy amount of Rs 34,000 crore.

1 Public Posts - Sat Aug 13, 2016

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