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No Populist Measures For Railways In Next Budget Hints Jaitley
Arun Jaitley
On 20 December, at the national conference on Accounting Reforms in Indian Railways organised by Confederation of Indian Industry (CII). Finance Minister Arun Jaitley implied that no populist measures will come through for the railways when its budget will be merged with the general budget from the next fiscal year-
Around the world that organisation is successful which follows a financial model wherein consumers pay for the services they use…. We aim for a creation of Railways as a service organisation which is commercially able to sustain itself and also provide world class quality and infrastructure.
The Finance Minister said dangers of losing out at competition with other modes of transport had started reflecting in the Indian Railways account books. On the reforms in accounting services of the Railways, the minister said these must reflect the actual investments being made. From 2019, the Indian Railways intends to shift to accrual-based accounting for a more precise assessment of costs and investments.
With IANS Inputs
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