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Presenting his maiden budget, the first full-fledged exercise of the Modi government, Railway Minister Suresh Prabhu did not announce any new trains or lines pending a review but said he would concentrate on consolidating the existing ones.
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“I have not increased the passenger fares,” announced Suresh Prabhu at the outset of his hour-long budget speech and made no mention of the rationalisation of freight rates that was done by a sleight of hand through an explanatory memorandum.
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Minister of State for Railways Manoj Sinha said there will be no increase in the prices of urea for farmers since the government will be subsidising the commodity.
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In a Budget that had no big bang announcements but aims at providing more facilities, Prabhu unveiled 11 major thrust areas to improve cleanliness, better bed linen, helpline for ensuring security including camera surveillance for women safety, ticketing and e-booking of meals of choice.
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The Railway Budget today hiked freight rates on cement, coal, foodgrain and pulses, urea, kerosene and LPG by up to 10 per cent to mop up an additional Rs 4,000 crore a year but spared passengers from any raise in fares while ruling out privatisation.
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Map detailing India's broad gauge railway network. Includes chart comparing Growth in rail lines compared to China. (Reuters)
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The government's moves to amend the Land Acquisition Act passed during UPA's tenure is being opposed by many parties and sections terming it anti-farmer. A cartoon by Rohnit Phore.
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ICC World Cup Schedule for Feb 26. South Africa vs West Indies.
The 30-share BSE Sensex after a better start, rose further to touch the day's high of 29,069.13 in early trade. However, it slipped into the red as selling pressure gathered momentum after the railway budget. It dipped below the 29,000-mark to hit a low of 28,693.82 before settling 261.34 points, or 0.90 per cent, down at 28,746.65. Today's drop is the biggest daily fall for the Sensex since the 490.52-point crash on February 9. -
On similar lines, the NSE index Nifty slipped below the crucial 8,700-level by falling 83.40 points, or 0.95 per cent to close at 8,683.85. Intra-day, it shuttled between 8,669.45 and 8,786.05.
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In restricted activity, gold prices eased by Rs 20 to Rs 27,050 per ten gram at the bullion market today owing to low demand from jewellers and retailers even as the metal strengthened overseas. Silver, however, held steady at Rs 37,300 per kg on scattered support from industrial units.
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Bucking a weak trend in Indian stocks, the rupee today surged by 22 paise to close at a fresh three-week high of 61.75 against the US currency on persistent selling of dollars by banks and exporters.
Have a BS3 two-wheeler and worried about E20? Bajaj says solution is simple
