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Indian railways targets new sources of revenue, cost cuts

Reuters  |  NEW DELHI 

NEW DELHI (Reuters) - India's state-owned railway said on Thursday it planned to cut costs and generate new sources of revenue next year to offset a big rise in its wage bill and help keep an ambitious modernisation plan on track.Presenting the annual rail budget for 2016/17, Railway Minister Suresh Prabhu said the planned budget outlay for the world's fourth-largest network would be 1.21 trillion rupees ($17.6 billion), up about 20 percent from the current year's estimated expenditure.But a slowdown in growth of passenger and freight revenues has put pressure on the railways' finances one ...

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First Published: Thu, February 25 2016. 15:02 IST