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<br /> In line with Prime Minister Narendra Modi’s <keyword id="6361202" type="UNKNOWN" weightage="20" keywordseo="Swachh-Bharat">Swachh Bharat</keyword> Abhiyaan, this year’s Rail Budget will focus on cleanliness and financial viability of Indian <keyword id="6360676" type="CITY" weightage="20" keywordseo="Railways">Railways</keyword>, as per a report by The Economic Times (ET). In his maiden Budget, Railway Minister <keyword id="6356597" type="PERSON" weightage="20" keywordseo="Suresh-Prabhu">Suresh Prabhu</keyword> is expected to take measures to improve the financial health of Indian Railways.<br />
<br />
According to the ET report, Prabhu is likely to announce a number of measures to promote cleanliness, which may include coverage of more trains under on-board housekeeping services (OBHS), building bio-toilets and providing dustbins in all coaches. Moreover, he may also introduce some measures to improve facilities at stations.<br />
<br />
The budget this year will also consider problems faced by visually challenged passengers as the railway minister is expected to come up with a proposal to provide Braille signs at stations.<br />
<br />
However, due to the poor financial health of the railways, there is less probability of any big announcement this year. Currently, Indian Railways faces the challenge to generate funds worth Rs 1.7 lakh crore to finance about 300 projects. <br />
<br />
In addition to this, the ministry also plans to raise funds from Members of Parliament Local Area Development (MPLAD) scheme, state governments and the corporate social responsibility (CSR) scheme.<br />

Rail Budget 2015 to run on Swachh Bharat track

<p><span class="KonaFilter image-container display-table float_right"><span><span data-post-image="" class="image on-image"></span><p></p></span></span>The deadly crash of an Amtrak train outside Philadelphia on Tuesday night may put pressure on Congress to reexamine proposed cuts to Amtrak's federal subsidy.</p>
<p><span style="line-height: 1.5em;">On Wednesday morning at 10:15, just hours after the crash, the House Appropriations Committee is set to debate a 2016 budget bill that contains cuts to Amtrak, including funding reductions for rail construction and repair. The bill would reduce Amtrak's funding from $1.4 billion to $1.13 billion.</span></p>
<p><span style="line-height: 1.5em;">The fatal crash on&#xa0;</span><span style="line-height: 1.5em;">Amtrak's Northeastern Regional train killed 6 people and injured dozens.</span></p>
<p>Rail advocates have been particularly concerned with the current set of cuts. In September, the Northeast Alliance for Rail <a href="http://thehill.com/policy/transportation/218166-rail-advocates-to-congress-dont-cut-amtrak-funding">sent a letter</a> to the House Transportation Subcommittee urging Congress to keep key provisions of the railroad budget intact to ensure safety.</p>
<p>"We cannot prevent major infrastructure failure on the NEC and support important long distance rail service without greater federal investment on an annual basis," said Robert Yaro, president of the NAR, according to <a href="http://thehill.com/policy/transportation/218166-rail-advocates-to-congress-dont-cut-amtrak-funding">The Hill</a>. "We urge the committee and your partners in the Senate to authorize greater annual investment levels in a final reauthorization package."</p>
<p>The last time that a major piece of legislation on Amtrak funding was passed in Congress was in the wake of a deadly train crash in California in 2008 that killed 25 people.<span style="line-height: 1.5em;">&#xa0;Then, Congress passed a comprehensive bill reauthorizing funding and helping ensure rail safety.</span></p>
<p>The House passed a reauthorization of the bill in March that allows funding for vital repairs to infrastructure in the Northeast corridor, where Amtrak's traffic is heavy and where the crash occurred.&#xa0;</p>
<p>But the White House and some Congressional Democrats have said that funding doesn't go far enough to ensure rail safety. Republicans argue that the current allocation keeps key funding measures intact while forcing Amtrak to be more responsible with its annual construction budget.&#xa0;<span style="line-height: 1.5em;">&#xa0;</span></p>

Just hours after deadly train crash, Congress is set to debate proposed cuts to Amtrak's budget

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Following a massive derailment that reduced an Amtrak train to a pile of warped metal Tuesday night, the rail line is being forced to make some major safety improvements.</p><p>The Federal Railroad Administration has ordered Amtrak to broaden its use of an existing signal technology designed to prevent such an incident.</p><p>The Wall Street Journal <a href="http://www.wsj.com/articles/amtrak-ordered-to-modify-signal-system-following-deadly-crash-1431748612">reports</a> Amtrak will "change an existing automatic braking system to guard against speeding trains at the curving section of track" that is now the site of the Amtrak 188 crash that killed at least 8 people and injured many others.</p><p>The Journal says Amtrak has been using the so-called track circuits for quite some time. The circuits generate an alarm "in the cabin of a train that exceeds speed limits," which then cuts power if the train doesn't slow down.</p><p>Sarah Feinberg, the Federal Railroad Administration's acting administrator, said on CNN Friday night she'll ask that those circuits be installed at the site of the derailment before service is restarted there.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>Amtrak apparently has those circuits installed on the southbound side of the Frankford Junction where derailment happened Tuesday, but not on the northbound side.</p><p><span>Train 188 was apparently </span><a href="http://www.businessinsider.com/here-everything-we-know-about-amtrak-188-train-wreck-in-philadelphia-2015-5">traveling too fast</a><span> while rounding a curve Tuesday night on its way from Washington D.C. to New York City.</span></p><p>The incident has reignited ongoing arguments among lawmakers about Amtrak and related infrastructure funding.</p><p>The conversation reached a boiling point Wednesday, after the House Appropriations Committee <a href="ttp://www.businessinsider.com/just-hours-after-deadly-train-crash-congress-is-set-to-debate-proposed-cuts-to-amtraks-budget-2015-5#ixzz3aGwhH1AL">backed a measure that would slash Amtrak's budget by $251 million</a> for its next fiscal year. House speaker John Boehner later <a href="http://www.businessinsider.com/boehner-criticizes-stupid-question-about-amtrak-funds-2015-5#ixzz3aGx7EDOr">fired back</a> at critics, saying <span>"Obviously it's not about funding. The train was going twice the speed limit,"</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/secret-precious-stone-grand-central-clock-2015-4">There's a $10 million precious stone hidden in plain sight at Grand Central</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ptYjY1dDqAI4Zm9HT0E-3eyBQCiRY4JS" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

After a deadly derailment, Amtrak is forced to make safety changes 

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source">AP Photo/Craig Ruttle</p><p class="caption">The derailment of a Metro-North commuter train in New York killed four people.</p></div><p></p></div>In 2008, President Bush signed the <a href="http://www.fra.dot.gov/eLib/Details/L03588" target="_blank">Rail Safety Improvement Act</a> into law, setting new rules designed to prevent train accidents.</p>
<p>One of those measures required some railroads, to install positive train control (PTC) systems by the end of 2015.</p>
<p>The <a href="http://www.businessinsider.com/new-york-passenger-train-was-going-too-fast-2013-12" target="_blank">derailment of a Metro-North commuter train</a> in New York on Sunday, which killed four people and injured dozens more, is precisely the sort of accident PTC should be able to prevent.</p>
<p>The engineer <a href="http://www.businessinsider.com/metro-north-derailed-lost-focus-2013-12" target="_blank">told investigators he "lost focus"</a> before entering a sharp turn at 82 mph, way over the 30 mph speed limit.</p>
<p>Metro-North is one of the railroads required to implement PTC. Had it done so before this week, sensors would have noticed the excessive speed and slowed or stopped the train before the deadly crash.</p>
<p>The idea behind PTC is simple: A wireless communications network, track-side devices, and updated locomotives work together to automatically slow or stop a train before it derails or crashes.</p>
<p>Here's an example of a PTC system from a <a href="http://www.fas.org/sgp/crs/misc/R42637.pdf" target="_blank">report by the Congressional Research Service</a>. (ETMS is Electronic Train Management System.)</p>
<p>Sensors, signals, and transponders are installed on existing track, and the network operating center sends information like speed limits to the train through those transponders. Updates on the train's location are sent to the operating center as the locomotive passes the wayside signal switches.</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><a href="http://www.fas.org/sgp/crs/misc/R42637.pdf">Congressional Research Service</a></p></div><p></p></div></p>
<p>Here's a simpler view of the system, from the Association of American Railroads. The engineer controls the train, but PTC provides a warning if the train enters a zone where it needs to slow down.</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><a href="https://www.aar.org/safety/Pages/Positive-Train-Control.aspx#.UqDq341_vJw">Association of American Railroads</a></p></div><p></p></div></p>
<p>The engineer would normally slow down before entering the brake zone:</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><a href="https://www.aar.org/safety/Pages/Positive-Train-Control.aspx#.UqDq341_vJw">Association of American Railroads</a></p></div><p></p></div></p>
<p>But if he doesn't, the train is equipped to do it automatically:</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><a href="https://www.aar.org/safety/Pages/Positive-Train-Control.aspx#.UqDq341_vJw">Association of American Railroads</a></p></div><p></p></div></p>
<p>While the concept is simple, implementation is exceedingly complicated. The Rail Safety Improvement Act requires that PTC be installed on about 60,000 miles of track. Thousands of locomotives need to be modified. An enormous wireless communication network has to be built, along with tens of thousands of track-side devices. A lot of the required technology hasn't even been fully developed yet, according to the Metropolitan <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">Transportation</keyword> Authority, which operates Metro-North.</p>
<p>It's not going to be cheap, either. The Federal Railroad Administration (FRA) estimates getting the system up and running everywhere it's mandated will cost $14 billion. The always cash-strapped MTA says it has already budgeted $600 million for installation, and the whole project will cost about $900 million.</p>
<p>As a result, it's an accepted fact that PTC won't be in place everywhere by the 2015 deadline. An <a href="http://www.gao.gov/products/GAO-13-720" target="_blank">August 2013 report</a> by the Government Accountability Office (GAO) summarized the problem nicely:</p>
<p style="padding-left: 30px;">Most railroads report they will not complete PTC implementation by the 2015 deadline due to a number of complex and interrelated challenges. Many PTC components continue to be in various stages of development, and in order to ensure successful integration of these components, railroads must conduct multiple phases of testing before components are installed across the network.</p>
<p style="padding-left: 30px;">Also, some railroads raised concerns regarding FRA's limited staff resources in two areas: verification of field tests and timely certification of PTC systems. Commuter railroads face additional challenges such as obtaining radio frequency spectrum, which is essential for PTC communications.</p>
<p>GAO recommended Congress consider extending the deadline on some rail lines, and "approve the use of alternative safety technologies in lieu of PTC."</p>

Here's The Federally Mandated Technology That Could Have Stopped The Deadly New York Train Derailment

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Gene Blevins</span></p><p class="caption">Fire photographer Tod Sudmeier gets hit with flying embers from strong winds at the Solimar brush fire that started early Saturday morning in Ventura County, California December 26, 2015.</p></div><p></p></div></div>Good morning! Here's what you need to know.</p><p><strong>Saudi Arabia's budget deficit increased as oil prices fell. </strong><span>Saudi Arabia said that this year's budget deficit amounted to $98 billion (367 billion riyals) as lower oil prices cut into the government's main source of revenue, <a href="http://www.businessinsider.com/r-saudi-security-spending-rises-53-billion-in-2015-minister-2015-12">prompting the kingdom to scale back spending for the coming year.</a></span></p><p><span><strong>Spain is battling wildfires.</strong> <span>The Spanish government sent firefighting aircraft on Monday to help douse dozens of wildfires in northern Spain <a href="http://www.businessinsider.com/r-wildfires-rage-across-northern-spain-after-unusual-dry-spell-2015-12">that erupted over the past week after an unusual dry spell.</a></span></span></p><p><strong>China is cracking down on online financing.</strong> <span>China published new draft rules for online financing firms in a bid to better protect investors after an inquiry into suspected <a href="http://www.businessinsider.com/r-china-cracks-down-on-online-financing-in-bid-to-protect-investors-2015-12">illegal activities by the country's biggest peer-to-peer firm.</a></span></p><p><strong>Belgian train strikes will hit the Eurostar next month. </strong><span> A strike of Belgian rail workers on January 6 and 7 will disrupt international high-speed trains between <a href="http://www.businessinsider.com/r-belgian-strike-set-to-disrupt-international-rail-services-in-january-2015-12">Belgium, Britain, France, Germany and the Netherlands, rail operators said.</a></span></p><p><span><strong>Iran reacted to US visa restrictions.</strong> <span>Iran will take reciprocal measures in response to any breach of this year's nuclear deal, the Foreign Ministry warned, <a href="http://www.businessinsider.com/r-iran-threatens-response-to-new-us-visa-restrictions-2015-12">after Tehran said new US visa restrictions contravened the historic agreement.</a></span></span></p><p><strong>Spain is yet to form a government.</strong> <span>Spain's Socialist party ruled out forming a new government with any party that supported a referendum on independence in Catalonia, <a href="http://www.businessinsider.com/r-spains-socialists-reject-coalition-deal-with-any-party-urging-catalan-referendum-2015-12">a stand that prolongs political uncertainty after this month's inconclusive national election.</a></span></p><p><span><strong>Amazon had a good Christmas.</strong> <span>The company's Amazon Prime service, a loyalty program that includes unlimited free two-day shipping, <a href="http://www.businessinsider.com/ap-amazon-holiday-shipping-christmas-eve-deliveries-set-record-2015-12">gained three million new members in the third week of December alone. </a></span></span></p><p><strong>Deutsche Bank sold an investment in a Chinese bank.</strong> <span>Deutsche Bank agreed to sell its stake in China's Hua Xia Bank to a Chinese insurer in a deal worth between<a href="http://www.businessinsider.com/deutsche-bank-q3-results-no-dividend-for-2-years-record-net-loss-restructure-2015-10"> 23 billion and 25.7 billion yuan ($3.6 billion-$4 billion).</a></span></p><p><strong>European stocks fell on Monday.</strong> The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s FTSE might have been closed but elsewhere the markets were open. <span>In Paris, the CAC 40 extended opening losses to close 1.0 percent lower,</span><a href="http://www.businessinsider.com/ap-deutsche-bank-sells-china-bank-stake-for-up-to-4-billion-2015-12"><span> while Frankfurt's DAX was off 0.7 percent at the close.</span></a></p><p><span><strong>The warm weather isn't good for Swiss ski slopes.</strong> </span>Switzerland will mark its warmest December since it began keeping records 150 years ago. <span>The temperatures hurt resort owners and ski lift operators,<a href="http://www.businessinsider.com/r-switzerland-headed-for-record-warm-december-2015-12"> who are already contending with Switzerland's strong currency discouraging foreign visitors.</a></span></p><p> </p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/henry-blodget-ignition-future-of-digital-media-bi-intelligence-2015-12">HENRY BLODGET: This is where digital media is headed next</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Izc2NleTpTiKF69e_jHUFRDkJ6XE_WhQ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know before European markets open

<br />
	Indian Finance Minister Mr. Arun Jaitley will be in the lime light on February 29, 2016, as he will present his budget speech in front of the whole nation. While the demand of the hour is to design a strong plan that aids meeting the fiscal goals, what adds to the curiosity of people is the tactics he would adopt to generate resources to fund the additional expenses related to the seventh pay commission hikes along with One Rank One Pension scheme (OROP). Furthermore, market leaders from every sector would have their keen eyes on him, to fathom, if key priorities and investments of the government will benefit them.<br />
	<br />
	Corresponding to the introduction of several economic programmes one after the other by the Indian Government, enterprises and SMEs thriving on technology have great expectations from the Union Budget 2016-17.<br />
	<br />
	Being a part of the Startup ecosystem, the foremost of all my expectations would be to see some relaxation in startup taxation. Taking cues from the 90s when IT was on the rise, a tax respite for a period of three years would aid India to become the startup capital of the world. As an on demand services provider to our customers through technology, I expect a more startup responsive and steady taxation system. The Union Budget 2016 should be able to back Prime Minister Modi’s ‘Start-up India, Standup India’ initiatives by introducing tax incentives for enterprises founded in the last 5 years.<br />
	<br />
	The current government’s focus in the Indian startup ecosystem is very positive and the union budget 2016 must encourage investment in the Indian startup space. We also need a better definition for online aggregators and their taxation norms in every vertical as India houses over 1000 online aggregators across various verticals. The government had initiated the idea of defining online marketplace recently but not much progress has been seen here till now.<br />
	<br />
	Shareholding premium from investment should not be considered as income and hence taxable. SEZ companies should be allowed to conduct domestic sales in Indian rupees rather than in foreign currency as per a recent change that came like a jolt. In a nutshell, I expect the entire startup ecosystem should be free of Red-Tapery, easing down the process of doing business and creating the ground for ‘Innovation’.<br />
	<br /> Furthermore, considering the enthusiasm about the much talked about ‘<keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">Digital India</keyword>’ campaign, the budget this year should also focus on digital literacy to ensure the benefits of digitization is reaped by maximum number of individuals in the country. This will also empower citizens and enable start-ups and large organisations to experience digital transformation. Additionally, for the campaign to be successful, improved connectivity and access to technology supported by radical government process re-engineering needs its share in the Union Budget this year. Budget 2015 had its firm fingers on the IT companies apart from being rational and realistic. I think the budget this year should continue with its stand. As a matter of fact, Digital India, <keyword id="3003094" type="UNKNOWN" weightage="20" keywordseo="Startup-India">Startup India</keyword>, Standup India and Skill India requires strong budgetary support for the creation of a technological infrastructure to nurture such campaigns. In addition to that, schemes for IT based students, animation and gaming along with the Innovation Promotion Platform to foster a culture of innovation, research and development should be implemented this year as that would positively impact the Indian IT ecosystem.<br />
	<br />
	This year’s budget should aggressively promote R&amp;D benefits so that the organisations are encouraged to innovate and come up with newer technologies. Investment allowances for IT adoption must also be made to promote India as a premiere destination for both hardware and software development.<br />
	<br />
	Moreover, talking about the necessary infrastructure, the budget should definitely focus on ‘Smart Cities’. The year 2015 witnessed the listing of 98 smart cities across India and ensued by that the year 2016 looks prospective for the IT sector, categorically for the IoT players. A lot has been spoken about smart cities in the past two years and this year is the time to realize them. Smart cities – the fine amalgamation of technology, environment, governance and people, should be a predominant piece in the union budget pie.<br />
	<br />
	The country expects announcement of a vivid, descriptive roadmap and implementation plan for the humongous task of transforming the cities to a smarter phase, with select few cities embracing new technologies and people friendly applications. Real-time apps like ‘smart metering, smart road &amp; rail transport management, smart metro, smart water &amp; waste management, smart lighting and traffic control’ etc. can be initiated in those chosen cities, which could serve as blueprints for implementing future projects among the rest, in the years to come.<br />
	<br />
	<em>This article has been authored by <span>Samar Singla, CEO and founder of auto rickshaw aggregator <keyword id="2885078" type="UNKNOWN" weightage="20" keywordseo="Jugnoo">Jugnoo</keyword>.</span></em><br />
	 
<br />

Budget 2016: #Startup Jugnoo has some serious suggestions for the Modi Govt

The <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Modi</a>-led government has taken credit for lesser <a href="http://www.businessinsider.in/searchresult.cms?query=rail+accidents&amp;sortorder=effectivedate">rail accidents</a> and lower casualties. Reportedly, Railway Minster Suresh Prabhu might paper over the transporter's safety record. However, his officers are surprised that three major accidents happened in a span of two months, which have claimed close to 190 lives, compared to 309 in 2015-16.<br />
<br />
Taking all this in consideration, the pressure is now on the proposed Rs 1 lakh crore dedicated fund for <a href="http://www.businessinsider.in/searchresult.cms?query=safety&amp;sortorder=effectivedate">safety</a>, which was announced over a year ago and conceived almost five years ago.<br />
<br />
Regardless of the fact that the <a href="http://www.businessinsider.in/searchresult.cms?query=railways&amp;sortorder=effectivedate">railways</a> is looking forward to show safety-related expenses have not been compromised but officials have admitted that it is likely that the first allocation - of Rs 20,000 crore - for the dedicated fund comes in the <a href="http://www.businessinsider.in/searchresult.cms?query=budget&amp;sortorder=effectivedate">budget</a>.<br />
<br />
In the last five years, the government is looking forward to chip in with Rs 1 lakh crore and raise more money from states and the Central Road Fund which is used to build railway overbridges and out of that Rs 1.27 lakh crore, which is less than 15% of the plan, is to go towards safety.<br />
<br />
Railways are also accused of being slow and unsafe. Some of the machinery and bridges dates back to the British era.<br />
<br />
Also a plan to away with guards in goods trains that run on the eastern and western freight corridors through what is called End of Train Telemetry.<br />
<br />
"Funds have been a problem but the Railway Research Designs and Standards Organisation has also slowed down adoption of new technology," an official told ET.

Railway safety fund likely to get first installment in Budget 2017

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>It's difficult not to be underwhelmed by the lack of detail behind most of Labour's policy proposals in its manifesto.</p><p><span>"We literally would not know what we're voting for if we voted for Labour," </span><span style="line-height: 1.5em;">Paul Johnson, director of the independent Institute for Fiscal Studies, accurately </span><a href="https://twitter.com/sammacrory/status/587575985517760515">told the BBC</a><span style="line-height: 1.5em;">.</span></p><p>Many were hoping to at least get some clarity about the party's investment plans in the next parliament. This was expected because Labour has gone out of its way to exclude the investment budget from its deficit reduction targets which, at least in theory, should allow it to take advantage of ultra-low government borrowing costs in order to raise money to invest in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s creaking infrastructure.</p><p>But we got the following instead:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>In other words: Have an infrastructure problem? We've got a commission for that.</p><p>But that's not a plan. It's a plan to have a plan.</p><p>That means, apart from the commitment to back the High Speed 2 rail link, a pledge to "address the neglect of local roads," and do some cheerleading for cycling, the infrastructure investment plan is not only uncosted it may also be delayed in the short-term while the new Commission's "assessment" is being undertaken. This is simply not enough.</p><p>A National Infrastructure Commission may be a good idea to keep governments honest about their investment plans (providing, that is, it receives cross-party backing and is given teeth to criticise ministers much like the Office for Budget Responsibility) and highlight the most urgent infrastructure challenges facing Britain. But if setting up a commission delays an increase in growth and productivity boosting investment <span>then announcing it as policy rather than a complement to an infrastructure plan is folly.</span></p><p>Here's the problem. Since the Coalition government took office in 2010, Britain has seen its investment spending slashed as a proportion of GDP. Net investment has dropped by more than half from £53 billion in 2009-10 to £25 billion in 2013-14:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>That has left a backlog of necessary improvements to Britain's road and rail network and plans to build new schools and hospitals. Worse, its effects are already being felt with flooding across parts of England in 2013 causing misery for hundreds of households and prompting a lot of public finger pointing at the government for slashing the Environment Agency's budget.</p><p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="ONS" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/55154ca0dd08958e2d8b4644-960/fig8kpophadditionalfeb15_tcm77-395952_png__716×503_.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span><a href="http://www.ons.gov.uk/ons/rel/icp/international-comparisons-of-productivity/2013---final-estimates/stb-icp0215.html">ONS</a></span></p></div><p></p></div></div>And there are longer term reasons to be worried about sustained underinvestment in infrastructure. S<span>ince the onset of the financial crisis, </span>the amount of output per hour produced by British workers has stagnated in what is being called the "productivity puzzle." If the Labour manifesto is right and this problem can be improved by targeted investment then, given how long it takes to bring new infrastructure into service, the time to start that process is now.</p><p><span>Moreover, the costs of chronic underinvestment in housing - lack of social housing, higher rents and house prices - are helping to lock in intergenerational inequality and concentrate savings in bricks and mortar rather than more productive areas.</span></p><p>It's not like the government can't afford to borrow either. As Bloomberg's Jamie Murray points out: "Since the government can borrow for 20 years at close to 2%, it is staggering that the opportunity has not been taken to invest more."</p><p>As long as the UK's nominal growth (economic growth plus the inflation rate) is higher than 2% per year - which would be well below its historic average - then that debt would effectively pay for itself. It's the closest thing to a free lunch that a government can get (outside of the bizarre world of negative nominal rates in the eurozone).</p><p><span>Yet given the opportunity to tell us that this is what they are planning to do, Labour has come short.</span></p><p>That's a mistake. Low interests rates will not last forever, with the US Federal Reserve under pressure to consider raising interest rates this year in a move that could push up international borrowing costs. The longer they are squandered the bigger the opportunity cost for the UK economy becomes, giving the lie to the parties' claims of having "long term economic plans".</p><p>Labour has made a big effort to carve out the investment budget from their spending cuts but now seems embarrassed to admit that they would be comfortable buying in to Britain's future. While they remain so the party will be vulnerable to Conservative attacks that they are claiming to "balance the books" but are still the same old borrow-and-spend Labour.</p><p>Ed Miliband needs to make the case for higher public investment as the most responsible way to stabilise the country's finances in the long-term.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/barack-obama-doppelganger-indonesia-2015-2">This 40-year-old Indonesian is Obama's doppelgänger</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="d1Y21iczpy9ODsMGFD3MgBIFRpYAWhOw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Labour still won't tell us how it's going to fix Britain's crumbling infrastructure

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Brookings Institution/Screenshot</span></p><p class="caption">Former Treasury Secretary Lawrence Summers at a Brookings Institution conference on January 9, 2017.</p></div><p></p></div></div></p><p>In <a href="https://www.brookings.edu/events/from-bridges-to-education-best-bets-for-public-investment/?utm_campaign=Economic+Studies&amp;utm_source=hs_email&amp;utm_medium=email&amp;utm_content=40227844">a Brookings Institution conference keynote</a> on January 9, Harvard professor and former Treasury Secretary Lawrence Summers criticized President-elect<a href="http://www.businessinsider.com/what-is-trumps-infrastructure-plan-2016-11"> Trump's infrastructure plan</a>.</p><p>Trump plans to budget $1 trillion for highway, waterway, airport, and bridge projects. An estimated $140 billion in tax cuts could go to private sector investors as a way to finance those projects.</p><p>Though Summers advocates a large increase in infrastructure spending (in total, approximately 1% of the US GDP), he calls Trump's plan a "Potemkin village of nothing." Instead, he sees user fees, like highway tolls and congestion charges, as the most promising way to finance these projects.</p><p>Boosting infrastructure spending can lead to increased economic productivity and growth, Summers said. Well-functioning buses, subways, and bridges connect people, and thus result in more opportunities for commerce and keep business inside the US.</p><p>Summers stresses the need for maintenance and repairs on existing roads, bridges, mass transit, and schools. In <a href="http://www.businessinsider.com/recommendations-anthony-foxx-trump-administration-infrastructure-transportation-2016-12">an interview</a> with Business Insider, Anthony Foxx, the outgoing Secretary of Transportation, also <a href="http://www.businessinsider.com/recommendations-anthony-foxx-trump-administration-infrastructure-transportation-2016-12">said</a> highway and rail repairs should be a priority moving forward for the new administration. <a href="http://www.vox.com/policy-and-politics/2016/11/16/13628382/donald-trump-infrastructure-plan">Many other experts</a> say that Trump's private funding scheme (or, rather, vague promises on infrastructure investment) would not incentivize infrastructure repairs.</p><p>A lack of road maintenance, for instance, costs American drivers over $100 billion a year in extra repairs to their cars, Summers said. That's about <a href="https://www.washingtonpost.com/news/wonk/wp/2015/06/25/why-driving-on-americas-roads-can-be-more-expensive-than-you-think/?utm_term=.880a9a8f656e">$515 a year</a> for the average driver, according to the 2015 study he cites.</p><p>Construction and re-construction projects are often either <a href="http://www.citylab.com/cityfixer/2015/02/americas-infrastructure-crisis-is-really-a-maintenance-crisis/385452/">deferred or slowed</a><span> due to ROI issues,</span> costing taxpayers and the federal government more money over time too.</p><p>"I see no merit in the idea that using tax credits for private contractors to implement infrastructure investment will address any of these problems," Summers said.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/excel-what-if-analysis-data-tables-2016-12">This is the Excel trick that will change everything about how you work with data</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="h2bzJudDphyVLhOx4BBk5EthBy0FqKaI" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Larry Summers 'sees no merit' in Trump's $1 trillion infrastructure plan

Ahead of the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword>, Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them.<br /><br /><keyword id="679937" type="General" weightage="70" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others.<br /><br />"I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly.<br /><br />In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax.<br /><br />She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living.<br /><br />The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now.<br /><br />"I quite recognise their problems. The government has done a lot for them and continue doing the same," she said without making any commitment. Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020.<br /><br />For current financial year, she said, it has been increased by 35 per cent to Rs 7.5 lakh crore as it has a multiplier effect on the economy.<br /><br />On the banking sector, she said, the government's 4R strategy --Recognition, <keyword id="1518048" type="General" weightage="50" keywordseo="recapitalization" source="Orion">Recapitalization</keyword>, Resolution and Reform--has helped in revival of public sector banks (PSBs).<br /><br />As a result of this, non-performing assets (NPAs) have declined and health of PSBs has improved greatly, she said.<br /><br />The government implemented an unprecedented recapitalization programme for PSBs amounting to Rs 2.11 lakh crore to support capital adequacy and prevent their default.<br /><br />PSBs turned the corner during 2020-21 with a combined net profit of Rs 31,820 crore supported by massive recovery, reduction in NPAs and windfall gains on their bond portfolio.<br /><br />Subsequently, the combined profit more than doubled to Rs 66,539 crore in FY22 despite COVID-19 pressure. They had booked collective losses to the tune of Rs 2,07,329 crore for five straight years from 2015-16 to 2019-20.<br /><br />The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> last month said, banks' gross NPA ratio has fallen to a seven-year low of 5 per cent and the banking system remains sound and well-capitalised.<br /><br />Speaking about farmers, Sitharaman said the government is committed to doubling their income and has taken various steps in that direction.<br /><br />On trade with Pakistan, she said the neighbouring country never offered Most Favoured Nation (MFN) status to India. Trade relations with Pakistan have suffered since the Pulwama terror attack in 2019, she said.<br /><br />With regard to freebies, the minister said, promises have to be made keeping in mind the financial health of the state and there has to be full transparency about it.<br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/more-unicorns-focused-on-profitability-now-than-just-burning-cash-as-funding-winter-sets-in/articleshow/97030045.cms">More unicorns focused on profitability now than just burning cash as funding winter sets in</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/over-5-4-lakh-housing-units-to-be-completed-across-top-7-cities-in-2023-anarock-report/articleshow/97029912.cms">Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report</a></strong><br />

You Searched For "Rail Budget 2015" and got 10 results

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