The seven-member body, including the Board Chairman, will suggest ways for separating policy-making and operations at the Board level to put project execution on the fast track.
Currently, the Railway Board is involved in policy- making as well as coordinating operations also.
"The Board should focus on policy matters and it should be freed more looking into day-to-day operations," a senior railway official said.
Considered the first major step to bring about reforms in the functioning of Railway Ministry and the Railway Board, the committee consists of former Cabinet Secretary K M Chandrasekhar and a nominee of Department of Economic Affairs as members of the expert body.
"It was a budget proposal and the Ministry has constituted the committee accordingly," said the official.
The committee is also having a former Railway Board Member Rajendra Kashyap as its member. Kashyap was the Financial Commissioner in the Board before retiring in April this year.
The committee will also suggest modalities for setting up the Rail Tariff Authority.
Gusharan Das, former CMD of Procter and Gamble, Ravi Narain, former MD of National Stock Exchange and Partha Mukhopadhaya, Senior Fellow of Centre of Policy Research, are other members of the committee.
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