Detailed Annual Railway Budget for the Year 2016-17
Annual Railway Budget is a statement of estimated receipts and expenditure of the Ministry of Railways, which handles the railway transport in the country. It is presented every year a few days prior to the introduction of the Union Budget of India by the Minister of Railways in the parliament.
The Union Budget of India is always introduced on the last working day of the month of February. The Railway budget is separated from the General budget in 1921 on the recommendation of Acworth Committee headed by British railway economist William Acworth.
The Cabinet Minister for Railways, Mr. Suresh Prabhu presented the Railways Budget 2016-17 in the Parliament on February 25, 2016. While presenting his second Rail Budget, in his budget speech he said that, ” budget reflects the aspirations of Aam Aadmi and shared some personal experience related to the Indian Railways.” Outlining his strategy, Prabhu said the three pillars of the Budget are Restructure, Reorganize and Rejuvenate (3R’s).
Instead of unscientifically and irrationally announcing new trains, Mr. Prabhu has chosen to have a long term vision for the common man. He has been very generous. He has focused on amenities and services, rather than launch new trains. The passenger fares have not been hiked and the introduction of new train services specifically aimed at people from lower-income backgrounds. It shows that there is no much financial burden on the common passenger.
Theme of the Budget :
Overcoming challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar Kuch Naya Karen’
Three pillars of the strategye. Nav Arjan – New revenues, Nav Manak – New norms, Nav Sanrachna – New Structures.