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Our Bureau

Mumbai , July 6

TRADE and industry circles in Mumbai sounded a cautious welcome to the Railway Budget presented by the Union Railways Minister, Mr Laloo Prasad Yadav, on Tuesday.

According to Mr Nanik Rupani, President of the Indian Merchants' Chamber, said the proposals were good in so far as they did not resort to an increase in either passenger fares or freight rates. He, however, pointed out that the proposals contained a string of "populist measures" such as a proposal to set up a wheel-manufacturing unit at Chhapra, the Railway Minister's constituency in Bihar, free travel facilities to spouses of porters and unemployed youths appearing for interviews.

Mr Rapani hailed the introduction of 15 new express trains, proposal to complete the 273-kms of new lines and plans to try out aluminium body for wagons.

"But what is of concern is that the Railways' passenger earnings had declined to Rs 13,920 crore from the revenues of Rs 14,200 crore projected in the interim Budget. We are also concerned about the Railways proposal to borrow Rs 3,400 crore from the market, adding to the existing debt burden. On the other hand, it would have been advisable if the Minister had sought to introduce internal economy measures and plug revenue leakages," he felt.

Mr Ashwini Kakkar, President of the Bombay Chamber of Commerce and Industry, welcomed the thrust on providing additional wagons for moving import/export cargoes, as well as the increased investment outlay to Railway Vikas Nigam Ltd to provide better rail connectivity to existing and new ports.

More Stories on : Railway Budget | Industry Associations

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