Railway Budget 2015: Suresh Prabhu's 5-point execution strategy to transform Railways
Talking about revamping management practices, Prabhu said that Indian Railways will speed up decision making and tighten accountability.
NEW DELHI: Spelling out a five-point execution strategy for transforming Indian Railways, Rail Minister Suresh Prabhu on Thursday said that he will focus on leveraging additional resources and building partnerships.
Talking about revamping management practices, Prabhu said that Indian Railways will speed up decision making and tighten accountability. Here is Prabhu's five-point execution strategy:
1) Adopting a medium-term perspective:
Budget proposals to mark beginning of a Five Year Action Plan to transform the Railways.
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2) Building Partnerships:
This will require partnering with key stakeholders: States, PSUs, partner with multilateral and bi-lateral organizations & other governments to gain access to long term financing and technology from overseas, the private sector to improve last mile connectivity, expand fleet of rolling stock and modernize our station infrastructure.3) Leveraging additional resources:
Indian Railways envisages investment of Rs 8.5 lakh crore in next five years to be mobilized from multiple sources to cater to funding i.e multilateral development banks, pension funds.
4) Revamping management practices, systems, processes, and re-tooling of human resources:
Targeted operating ratio for 2015-16 at 88.5% against 91.8%in 2014-15: best in the last 9 years.
5) To set standards for governance and transparency
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