"The Railway Minister has presented a very responsible, practical and implementable budget," Chidambram told reporters outside Parliament.
Chidambaram, who will present the General Budget for fiscal 2012-13 on February 28, said, "Within the resources the railways can mobilise, I think he (Bansal) has done a remarkable job of providing new trains, new lines, extensions, capital works and production facilities."
On the financial conditions of the railways, he said, "I think after many years, he (the Minister) has candidly stated the finances of the railways... I think it is a very commendable budget."
Giving his reaction, Telecom Minister Kapil Sibal also termed as "forward-looking" the Railway Budget presented by Bansal.
He said the Budget has a vision of taking care of passengers.
Noting that Bansal had "honestly" stated that the Railway sector was not in very good financial condition," he said, "I commend the Railway Minister for presenting a very practical, useful budget which will in the years to come really take care of the Railways through their own resources."
Information and Broadcasting Minister Manish Tewari said the Railway Minister has done a "commendable job" and kept "a very fine balance".
Tewari said he had been able to "reconcile various imperatives" while keeping the larger growth story of Railways in mind.
External Affairs Minister Salman Khurshid also said Bansal has done "a very good balancing job."