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Railway Minister Mallikarjun Kharge presented UPA II's last and rather anti-climatic railway budget amid continuing ruckus by Telangana MPs in the Lok Sabha which prompted him to cut his speech short. As widely expected, the event was devoid of any big bang announcements or populist measures. It was merely a reiteration of the achievements of Kharge's ministry in the last year, with the minister not tinkering with basic fares, or announcing any concrete proposals for industry leaving the job to the new government that will come in post the elections.
Here are the top 10 highlights of interim budget 2014:
FARES
1. Passenger fares to remain unchanged & Freight rates have also been left untouched
FINANCIAL PERFORMANCE & BUDGET ESTIMATES
2. The Annual Plan 2014-15 envisages investment of Rs. 64,305 crore as against Budget Estimates 2013-14 of Rs. 63,363 crore and Revised Estimates, 2013-14 of Rs. 59,359 crore.
Gross Traffic Receipts have been projected at Rs. 1,60,775 crore (including goods, passenger, other coaching and sundry other earnings)
The Budgetary Support from General Revenues has been proposed at Rs. 30,223 crore.
Railways will end the current year with surplus, and fund balances would increase from Rs 2,391 crore at the beginning of current fiscal to Rs 8,018 crore at the end of March, 2014.
Freight earnings target which has been increased to Rs 94,000 crore from Rs. 93,554 crore in Budget Estimates will be surpassed. The revised target for passenger earnings has been kept at Rs 37,500 crore.
TARGETS & ACHIEVEMENTS
3. The targets for newlines, doubling and electrification were exceeded. Railways completed 2,207 km of newlines against target of 2,000 km, doubling of 2,758 km against 2,500 km and electrification of 4,556 km against a target of 4,500 km.
4. Rolling stock acquisition also surpassed the targets and 64,875 wagons were acquired against target of 62,000, a total of 1,288 diesel locos were produced against 1,019, and 1,218 electric locos against a target of 1,205.
6th PAY COMMISSION
5. Railways met the impact of 6th Pay Commission in full during the period. Total additional payout including arrears from 1st January 2006 has been more than Rs one lakh crore till now. Railways met the additional expenditure within its own means, from its own earnings.
CONNECTIVITY TO NORTH-EAST
6. The Capital of Arunanchal Pradesh would soon be on rail map in this financial year, as Harmuti-Naharlagun newline is expected to be commissioned shortly. The state of Meghalaya is also all set to come on the Railway map in this financial year, as Dudhnoi – Mehendipathar newline is getting completed by March 2014
RAILWAY CORRIDORS
7. Nearly 1,100 km of civil construction contracts awarded to the Western Dedicated Freight Corridors project. During 2014-15, another 1,000 km of civil construction contracts are targeted, besides award of Systems contracts.
8. Joint Feasibility Study for Mumbai-Ahmedabad High Speed corridor, co- financed by Indian Railways and Japan International Cooperation Agency (JICA), has started in December 2013, and will be completed in 18 months. Business Development study being undertaken by French Railways for the same corridor will be completed by April 2014. Indian Railways also intend to explore low cost options for raising speeds to 160-200 kmph on existing select routes like Delhi-Agra and Delhi-Chandigarh.
NEW SERVICES
9. 17 new premium trains, 38 Express trains, 10 Passenger trains, 4 MAMU trains, 3 DAMU trains to be introduced.
FUND RAISING
10. Indian Rail Finance Corporation to raise Rs 12,800 crore from the market in FY15.
