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| India Inc hails Mamata's rail budget |
| BS Reporter / New Delhi Feb 25, 2010, 01:17 IST |
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India Inc has reacted positively to the Railway Budget, as freight and passenger fares were left unchanged. Industry lobbies were also enthused over possible private sector investment in railways.
“The decision to invite private expertise and resources for deployment in new line development, manufacturing of rolling stock, port connectivity, mine connectivity and multi-layer parking facilities would go a long way in modernising the railway system. Implementation of these projects in a public-private partnership would help in improving the effectiveness of railway services,” said Harsh Pati Singhania, president, Federation of Indian Chambers of Commerce and Industry.
Industry also welcomed the reduction of freight rate on kerosene and foodgrain as an anti-inflationary measure.
Industry chambers said a roadmap to meet short, medium and long-term targets as set out in the Vision 2020 document will help in raising the activity of the railways in passenger handling capacity.
“The Railway Budget 2010-11 carries the agenda forward from the last budget and has made the most encouraging announcements in terms of involvement of the private sector in the development of railways, particularly in the Vision 2020 document,” said Chandrajit Banerjee, director general, Confederation of Indian Industry.
Moreover, industry chambers maintained that Banerjee had clearly demarcated between economically viable projects and socially desirable projects, saying the latter were equally important if the overarching objective of inclusive growth had to be attained.
Banerjee’s announcement to set up a Special Task Force to implement and expedite project clearance to encourage investment also found acceptance within the industry.
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