Railways set for a makeover in the operations
Posted on: 01/Sep/2015 11:02:06 AM
Officials from the Railways Ministry have announced that it will launch a zero accident mission. This will include renewal of tracks, more railway bridges, better signalling and rolling out of accident proof coaches and engines.
Says an official from the Railways Ministry, `Once we implement it fully, the accident rate will go down and speeds will improve, facilities will improve, quality of service will go up and revenue will increase. Customer experience will go up significantly. Train accidents, delay of trains and deterioration of service, which is seen today, all are happening because of the under investment in the past. The `zero-accident mission` is an expensive proposition, but that is the only way to have safe travel. The Railways needed money to correct the anomaly of under-investments, and called for travelers to contribute to the mission. My good friends and travelers would contribute a small part of that because how, otherwise, will a public utility finance itself.`
Talking about the financial aspects, the Minister said, `All investments could not come from fares or freight. We will do prudential borrowing from institutions such as the LIC, the World Bank and other multilateral agencies, which would be repaid in the next 30-40 years through an increase in revenues.`
The Ministry is also working on a transparent and efficient system, especially in the accounting. `I am also putting in place a reformed accounting system, not just commercial accounting which people keep talking about. Something beyond that, going from budgeting to outcomes. The complete chain of events will be captured; this would be a robust and forward-looking accounting system. The idea is to become more efficient, more robust and transformational`, said the official.
