Concessions
To Passengers
Senior Citizens of our country are being granted 30 percent concession in fares in all
classes and in all trains. This concession is available to men of the age of 65 years and
above and women of age sixty and above. I am glad to announce that now both men and women
will be entitled for the Senior Citizen concession on attaining the age of 60 years.
Special
Railway Safety Fund - Financial & Physical Progress
During 2001-2002 the actual expenditure under SRSF stood at Rs. 1434 cr (Net) as against
the allotment of Rs 1400 cr. The safety surcharge fell short of the targeted collection by
Rs.95 cr. Thus, the additional amount of Rs.129 cr required on both these counts was made
available through Railways normal revenues.
In the current year, the total net allocation for SRSF was stepped up to Rs. 2210 cr as
per the Budget Estimates, which included Rs. 1350 cr as contribution from General
Exchequer and Rs 860 cr from the safety surcharge. This has been further increased by
Rs.100 cr. in the Revised Estimates to keep up the pace of progress of safety works under
SRSF.
Railways are contributing this additional amount as well as the current years shortfall of
about Rs.200 cr. in surcharge collection from its own revenues.
As regards the physical progress of the works, I would like to inform that track Renewal
of around 5,400 km is also expected to be completed by the end of the current year.
Rehabilitation of approximately 745 bridges is likely to be completed by the end of the
current financial year.
So far signalling equipment replacement works have been completed at 298 stations.
Further, about 1350 track circuits have been provided till now.
As a result of continued monitoring and control over expenditure, Railways were able to
contain the Ordinary Working Expenses to Rs.28703 cr. resulting in a saving of Rs.397 cr
as compared to the revised estimates. This, coupled with need-based appropriation to DRF
and Pension Fund and also the variation in Net Miscellaneous receipts, resulted in an
increase of Rs.197 cr. in Railways net revenue.
The operating ratio for the year improved to 96.0 percent as against 96.6 percent
envisaged in the Revised Estimates. After deferment of Rs.1000 cr., as was envisaged in
the Budget, Railways were able to discharge the balance dividend liability of Rs.1337 cr,
besides repaying the loan of Rs. 249 cr taken from the General Exchequer for Capital Fund.
Review Of
Financial Performance in 2002-03
In the Budget for 2002-03, the originating revenue earning freight traffic has been
estimated at 510 million tonnes. I am happy to inform the House that the performance
during the first 10 months of the current fiscal has exceeded the proportionate target.
Accordingly, the target for the originating revenue earning freight traffic has been
revised upwards to 515 million tonnes in the Revised Estimates for the year. On the other
hand, in the Passenger segment there has been a drop of nearly three percent in number of
passengers to end December 2002.
The goods earnings are likely to exceed the budget target of Rs. 26,118 cr by Rs. 540 cr.,
whereas passenger earnings are likely to fall short of the budget target of Rs. 13450 cr
by Rs. 720 cr. Taken together, the other coaching and sundry earnings are likely to be Rs.
24 cr below the budget target.
Due to continued increase in the amount owed to Railways by the users, particularly,
Electricity Boards, the unrealized earnings are likely to increase by Rs. 417 crores as
against a budgeted clearance of Rs.50 crores. Therefore, the budgeted Gross Traffic
Receipts of Rs.41,538 cr have been reduced to Rs. 40,867 cr in the Revised Estimates.
With sustained monitoring and continued austerity, there is likely to be a reduction of
Rs. 850 cr in the Ordinary Working Expenses. Accordingly, the Revised Estimates for these
are placed at Rs.30,310 cr as against Rs. 31,160 in the Budget Estimates.
The operating ratio budgeted at 94.4 percent is likely to improve to 92.5 percent in the
Revised Estimates.
Reform
Agenda
To transform the Indian Railways into customer-oriented organization, it is proposed to
improve its accounting system. In this regard, it is planned to review the existing
accounting policies and practices and to introduce fully computerized accounting and
Management Information System so as to generate costing data on passenger and freight
services on commercial lines.
Our Production Units have been catering mainly to the needs of Indian Railways. Having
acquired the State of the Art technology, Railway Production Units can now become
competitive and can make their presence felt in the global market provided they are given
the requisite autonomy. In order to facilitate this, it is proposed to restructure the
production units as independent cost and profit centres. |
