Railways expect Rs.24,600 crore loss; Bansal talks austerity
Losses of the Indian Railways are estimated to increase to Rs.24,600 crore ($4.55 billion) in the financial year ending March 31 due to a sharp rise in input costs, resulting in “deterioration of services”, Railway Minister Pawan Kumar Bansal said Tuesday.
Presenting the annual budget of his ministry, Bansal said the loss, which was Rs.4,955 crore in 2001-02, surged to Rs.22,500 crore in 2011-12 and is estimated to rise to Rs.24,600 crore in the current financial year.
And to cut the mounting losses, the railways would maintain financial discipline.