Rail Budget 2016: Railways to double investment to Rs 1.2 lakh crore for FY17

NEW DELHI: Railway Minister Suresh Prabhu in his Rail Budget 2016 speech said that he plans to double investment to Rs 1.2 lakh crore for FY17. "We are looking at ways to boost cost-optimisation this fiscal," Prabhu said. "We have overhauled age-old practices in procurement of equipment," he added.

He went on to say that he expects Railways top record a revenue growth of 10.1 per cent in FY17.

Prabhu said that the institution will aim for an operation ratio of 92 per cent for the financial year 2016-2017.

"A saving of Rs 8,720 crore for budget estimates of last year will be effected this year," Prabhu said.

Stressing on the need for constant innovation, Prabhu said, "We need to reimagine the conventional ways of solving things. We plan to do this by drawing upon our inherent strengths."

"This budget will document the transformation of railways. This is not my Budget alone, it represents the aspirations of every member of the railway family and common man," he said.

Prabhu started his second Railway Budget speech by saying that his aim is to fulfill PM Narendra Modi's vision of Railways being a backbone and lifeline for India. "This Budget owes its vision to that of PM Modi. We want to improve quality of customer experience, create jobs," Prabhu said.