A Big Step Forward To Make Indian Economy More Robust : S.Prabhu

    Highest Ever Funding of Rs. 1.5 Lakh Crore for Railways - MoU Signed With LIC

    Just within fifteen days of presenting the Railway Budget 2015-16, the Minister of Railways Suresh Prabhu fulfilled yet another commitment of his Budget announcement by achieving the highest ever funding of Rs. 1.5 lakh crore for Railways. In this historic landmark achievement, a Memorandum of Understanding (MoU) was signed between the Ministry of Railways and Life Insurance Corporation (LIC) in the presence of the Minister of Finance Arun Jaitley and the Minister of Railways Suresh Prabhu at a function in New Delhi on 11th March, 2015. The signatories of MoU were Smt. Rajalakshmi Ravikumar, Financial Commissioner, Ministry of Railways and S. K. Roy, Chairman, LIC.


    The Union Minister for Railways, Shri Suresh Prabhakar Prabhu addressing at the signing ceremony between the Ministry of Railways and Life Insurance Corporation (LIC), in New Delhi on March 11, 2015. The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley, the Minister of State for Railways, Manoj Sinha, the Minister of State for Finance, Jayant Sinha and Chairman, Railway Board A. K. Mital are also seen.

    Speaking on the occasion, the Railway Minister Suresh Prabhu said that this is the first such step in its endeavour to make Indian Railways prosperous in the future. He said that with such encouraging initiatives, the Ministry of Railways will be able to augment its resources for speedier execution of projects. Shri Prabhu said that the resultant enhanced throughput of traffic is likely to further increase the capacity to carry more to meet with a growing transportation demand leading to a robust economy. He thanked the officials of the Finance Ministry, LIC and the Railway Ministry for working together as a team to make this deal a big success. Under this MoU,  LIC will make available to the Ministry of Railways/its entities a Financial Assistance with a limit of 1,50,000 crore over the next five years for implementing Railway projects. The Financial Assistance will be available from the Financial Year 2015-16.

    The Financial Commissioner, Ministry of Railways, Smt. Rajalakshmi Ravikumar and the Chairman, LIC, S. K. Roy signed a Memorandum of Understanding (MoU) between the Ministry of Railways and Life Insurance Corporation (LIC) in the presence of the Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley and the Union Minister for Railways, Suresh Prabhakar Prabhu, at a function, in New Delhi on March 11, 2015. The Minister of State for Railways, Manoj Sinha and the Minister of State for Finance, Jayant Sinha are also seen.

    In his Budget Speech, Shri Prabhu had announced his intention of meeting a part of the total Plan Budget of Rs 1,00,011 crore for the financial year 2015-16, through extra budgetary resources, such as market borrowings by tapping low cost long term funds. The challenge has been successfully met in a substantial measure by the signing of this MoU for mobilising resources. There would be a five-year moratorium on interest and loan repayment and the rest of the terms would be negotiated while signing the finance assistance agreement.

    The Minister of State for Finance, Jayant Sinha, the Minister of Railways, Manoj Sinha were also present on the occasion. Also present on the occasion, among others, were A. K. Mital, Chairman, Railway Board, Hasmukh Adhia, Secretary (FS), Railway Board Members and senior officials from Ministry of Finance, Ministry of Railways and LIC.


    The Financial Commissioner, Ministry of Railways, Smt. Rajalakshmi Ravikumar and the Chairman, LIC, S. K. Roy signing a Memorandum of Understanding (MoU) between the Ministry of Railways and Life Insurance Corporation (LIC) in the presence of the Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley and the Union Minister for Railways, Suresh Prabhu. The Minister of State for Railways, Manoj Sinha and the Chairman, Railway Board A. K. Mital are also seen.

    Earlier, just a few days after the presentation of Railway Budget 2015-16, the Minister of Railways Suresh Prabhu fulfilled commitment of his budget announcement by launching a ‘Customer Complaint Web Portal and Mobile Application’. This ‘Customer Complaint-cum-Suggestion’ portal and mobile App which can be freely downloaded, is very useful as one can track the status of the complaints which he or she registered on this portal with the help of mobile App. Soon after his taking over as the Minister of  Railway, Shri Prabhu started the process of welcoming suggestions from the people to further improve the passenger services and valuable suggestions on this newly launched portal can be incorporated in all possible ways, if found suitable.

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