Rail Budget 2016: Suresh Prabhu outlines three-pillar strategy for development of railways

Prabhu said the budget has been inspired by PM Modi, who said his vision is to make the railways the backbone of India's progress and economic development

Presenting his second budget, Railway Minister Suresh Prabhu on Thursday unveiled pillars of strategy that would reflect the new thought process for the railways.

Under the three pillars, the first one will focus on exploiting new resources of revenues so that every asset, tangible or non-tangible, gets optimally monetised.

The second, 'Nav Manak' (New Norms) denotes to a 'zero-based budgeting' approach to the financials of the ensuing year, including improvement in efficiency yardsticks and procurement practices to bring them in line with international best practices.

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And the last, 'Nav Sanrachna' (New Structures) accents on the need to reimagining the conventional ways of solving issues, and co-operation, collaboration, creativity and communication as hallmark of decision-making actions.

The minister said Indian Railways is a story of transformation, which owes inspiration to the vision of Prime Minister Narendra Modi, who said 'My vision is to make the railways the backbone of India's progress and economic development'.

He, however, stressed on reorganisation and rejuvenation of the Indian Railways. "Last year, I had unveiled a medium term vision for the Railways, which set us on this transformational journey fort which we now need to recognise, restructure and rejuvenate this institution. We will revisit rules to revitalise the structure," he added.