From this year, w.e.f. February 1, 2017 onwards, the Government of India, Ministry of Finance, has taken a very wise decision which is a welcome move for the presentation (announcement) of combined (jointly), Union General Budget & Railway Budget together for the year 2017-18 onwards, breaking the 92 years old tradition. The Indian Railways, most of the time (rather all the time), except during the tenure of the then Railway Minister Lalu Prasad Yadav, had always suffered the heavy financial losses.
We should take into consideration the reasons behind the deficit budget of Railways all the time that ran into heavy losses before and may be even now if not combined with the Union General Budget. For example, it may be recalled that from the period of six years between 2009-10 to 2014-15, there were total 803 accidents of Railways, killing 620 people and injuring 1855. Also heavy damages to tracks and compartments, bogies, overhead wires pentagraphs etc. were sustained. The cost involved in the compensation to the bereaved members of the families and treating those injured and damage repairs to railway’s property is unimaginable. Naturally, the Railways budget ran into losses. Not that by joining its budget to the general budget, the railways will have surplus budget.
But bycombining the two, more funds can be allotted to the Railways. And that the stamp of ‘Ralways’ Deficit Budget ‘ can be wiped out. The Indian Railways is the largest in the world and daily millions of passengers travel by them.
It will always continue to suffer losses due to its vast network of organisation involving approximately15 lakh employees and 16 lakh retirees. Also to upkeep and maintenance of its existing & expanded vast rail tracks and compensation for those involved in the unabated accidents take a heavy toll on rail budget.
