Rail Budget 2016 inspired by PM Modi's vision of economic development: Suresh Prabhu

Prabhu said the Rail Budget 2016 reflects the aspirations of each and every member of the Railway's family

Asserting that the Rail Budget for 2016-17 reflects the aspirations of the common people, Union Railway Minister Suresh Prabhu on Thursday said that the Rail Budget is inspired by Prime Minister Narendra Modi's vision to make railways the backbone of India's progress and economic development.

Prabhu, who is presenting his second budget in the Parliament, said this is a budget, which reflects the aspirations of each and every member of the Railway's family.

"A budget that reflects the aspirations of the common citizens of India. This is a budget that has been fashioned by a creative partnership: with ideas from my colleagues in Parliament, industry associations, commuter associations and practically all sections of the society. I would like to thank each one of you," he added.

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Prabhu said co-operation, collaboration and communication are the hallmarks of Indian Railways' journey forward.

"We need to reorganize and rejuvenate," he added.

The Railway Minister said three pillars of the strategy: Nav Arjan (New Revenues), Nav Manak (New Norms) and Nav Sanrachna (New Structures) have been laid out to reflect the new thought process.

"Nav Arjan (New Revenues): Exploit new resources of revenues so that every asset, tangible or non-tangible gets optimally monetised. Nav Manak (New Norms): A 'zero-based budgeting' approach to the financials of the ensuing year; improvemkent in efficiency yardsticks and procurement practices to bring them in line with international best practices," said Prabhu.

"Nav Sanrachna (New Structures): Need to reimagining the conventional ways o solving issues, Co-operation, collaboration, creativity and communication to be hallmark of decision-making actions," he added.