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News Entry# 288662
Dec 15 2016 (08:16)  Non-cash modes to dominate Railways’ Rs.1.2 lakh cr. capex (
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Commentary/Human Interest

News Entry# 288662     
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Posted by: rdb*^  133024 news posts
Vendors to use e-wallets in electronic tendering
The contracts and tenders on the Rs.1.2 lakh crore capital expenditure programme of the Indian Railways for the current fiscal will be done electronically and through non-cash modes, according to Railway Minister Suresh Prabhu.
“We will go in for a completely transparent e-tendering process. All contracts will be available on the e-tendering platform. We are trying to ensure that end-users will also use either the wallet or whatever the form of (non-cash) payment, but they will not use cash. Each vendor will use an e-wallet,” he
said, speaking at a function of the apex body for the country’s engineering exporters, EEPC India, and giving away awards to the top engineering exporters.
Pointing out that most train-travellers are middle-class people, he said, however, about 58 per cent of rail tickets are purchased online. “People want to use a mode of transaction which is available to them in an easier manner. This (demonetisation) will obviously create some disruption. What is important is the management... the cost of disruption should be calculated in context of the benefit that will accrue out of it,” he said.
Stressing the benefits of a cashless economy, Commerce Secretary Rita Teaotia, speaking on the occasion, said demonetisation should be taken as an opportunity by the exporters to improve efficiency and cut transaction costs.
Engineering sector
Referring to the contraction seen in the exports sector since December 2014 and the growth seen in September and October in outbound shipments, Ms. Teaotia said, “Engineering sector is leading the reversal of the decline of exports over the last two years and has allowed us in October to register a growth of 9.6 per cent overall in the exports from India.“It has been close to 36 months of decline and I think in that context a growth of 9.6 per cent is a great change and we hope that this will continue to be the direction that we are able to follow,” she said.
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