First, she broke new ground by approaching chambers of commerce with a request for money to upgrade railway safety. Now she hopes for joint ventures with private investors in almost all operations to take Indian Railways into the new millennium. And industrial circles are lapping it up because they see in Banerjee a 'millennium minister' who is singing the tune they love most - privatisation. What has struck industrialists is what they call the "brave new approach" of Banerjee, who is looking to turn the financially ailing railways into a self- sufficient and robust organisation.

Banerjee, unlike her predecessors, is laying all her cards before the chambers and tagging to that a fervent appeal for joint venture proposals from private investors. On Tuesday, she spoke at the Merchant Chamber of Commerce (MCC) about her resolve to turn things around in Indian Railways - with a little help from the business community. Banerjee said her department needed budgetary support for the coming year, after which "the railways will mobilise its own resources and become self-sufficient." She said a proposal had been sent to the Finance Ministry seeking budgetary support for a year, "but we have heard nothing from them so far." Banerjee rattled off the ills afflicting the railways, and the possible remedies too. "We are having to shoulder a Rs. 5 billion burden towards payment of pension at the enhanced rate as declared in the Fifth Pay Commission.

Moreover, in keeping with the safety commission recommendation, we have to invest Rs. 30 billion annually for the next five years to improve passenger safety," she said, inviting private participation in almost all operations, including signalling, track conversion and infrastructure development.

The Railway Minister said as the first step towards allowing private funds into development of the railways, joint venture proposals would be sought on manning of train track-road crossings across the country. "The money required to man 24,000 unsafe level crossings across the country is something the railway department cannot afford," Banerjee said. Under the new proposal, private parties would have to contribute Rs. 800,000 while the railways would make up for the rest.

The companies would be allowed to put up their advertisements and kiosks at railway crossings. There are about 40,000 such crossings throughout the country. Accidents at unmanned railway crossings cause up to 100 deaths a year. Selling a business idea with an emotional coating, Banerjee said such projects are "socially desirable" and all those who invest should consider themselves as contributing to a social cause.