Railway Minister DV
He also promised a diamond quadrilateral project of high-speed trains connecting the four metros – Delhi, Mumbai, Kolkata and Chennai.
Having already increased passenger fares by 14.2% and the freight charges by 6.5%, Gowda focused on ways to earn from other sources like foreign investment and public-private partnerships.
He said Rs 500,000 crore ($83 billion) would be required over the next 10 years to fund the modernisation plans of the network. He also noted that freight and passenger fare hikes alone would not be able to fetch that much amount.
"An organisation of this magnitude, vested with varied responsibilities, is expected to earn like a commercial enterprise but serve like a welfare organisation. These two objectives are like the two rails of the railway track, which travel together but never meet," he said during his budget speech.
Prime Minister
India Inc welcomed the budget, calling it reform oriented and said it would open up huge opportunities for the public-private partnership in many areas, including cleanliness, maintenance of major stations and IT infrastructure.