Slumdogbroker's Blog

US DOWNGRADE AND ASIAN MARKETS

slumdogbroker — Mon, 08 Aug 2011 03:20:17 +0000

The real danger from the downgrade of U.S. government debt by Standard & Poor’s isn’t higher interest rates. It’s the hit to the nation’s fragile economic psyche and rattled financial markets.

S&P’s decision to strip the U.S. of its sterling AAA credit rating for the first time and move it down one notch, to AA+, deals a blow to the confidence of consumers and businesses at a dangerous time, economists say.

The agency is “striking at the heart of what makes the global economy tick,” says Chris Rupkey, chief financial economists for the Bank of Tokyo-Mitsubishi UFJ. “It isn’t just dollars and cents.”

One economist, Paul Dales of Capital Economics, worried Saturday that the downgrade could even trigger another financial crisis that sends Western economies back into a recession.

The timing could hardly be worse for the U.S. The economy added 117,000 jobs in July, more than expected. But other economic indicators, including manufacturing, consumer spending and overall growth, are getting weaker.

And the markets just came through their most harrowing two weeks since the financial crisis of 2008. The Dow lost about 10 percent of its value on fears of a new recession and Europe’s spiraling financial problems.

In normal times, in another country, a downgrade in a country’s sovereign debt rating probably would force its government to pay higher interest rates to convince investors to keep buying its debt.

If that happened, it would drive up the rates that consumers pay on mortgages and auto loans, which are often tied to the government’s interest rate.

But the United States is a special case. Treasury debt is considered the safest investment in the world — even after the downgrade. Investors don’t doubt the U.S. government’s ability to repay the $9.8 trillion it owes.

They also know they can easily buy and sell Treasury bills, notes and bonds. Rupkey calls Treasurys the “strongest, deepest, most liquid” market in the world.

“Anytime there’s a problem anywhere on the planet, investors come to the safety of the U.S., and they don’t go anywhere else,” says Mark Zandi, chief economist at Moody’s Analytics.

Despite worries about the U.S. government’s huge debts and rumors of an impending downgrade from S&P, the yield on 10-year Treasury bonds was still a low 2.56 percent Friday.

That’s because investors, worried about the weak U.S. economy and debt troubles in Europe, saw American bonds as a safer place to put their cash than, say, stocks.

“Where else are you going to put your money?” says Joe Libin, a Salt Lake City mortgage banker. “We’re growing anemically. We’ve got a debt problem. But at least we’re bobbing along. We’re best-looking of the ugly kids at the prom.”

U.S. banking regulators also moved quickly to reinforce the security of Treasury debt after S&P announced the downgrade Friday night. Regulators said they would continue to view Treasurys as a zero-risk investment and would not force banks to hold more capital against their Treasury investments.

There had been fears that some financial institutions with obligations to hold only top-rated investments might suddenly sell U.S. government debt on the open market — forcing the price down and the yield up, and leading to higher interest rates.

The vote of confidence by the bank regulators lessens the risk. In addition, the other top rating agencies — Moody’s and Fitch Ratings — have maintained top ratings on U.S. government debt.

The S&P downgrade also doesn’t apply to short-term U.S. securities — Treasury bills that mature in a year or less. It applies to government debt that matures in more than a year — Treasury notes and bonds. That means the downgrade shouldn’t rattle money market funds that invest in short-term Treasuries.

Mark Vitner, senior economist at Wells Fargo Securities, agrees that the S&P downgrade is unlikely to drive up interest rates right away. But he says that’s partly because the economy is so weak that borrowers aren’t competing for money and driving rates higher.

In three-to-five years, he says, loan demand will be higher. When that happens, a U.S. Treasury with a dinged credit rating will be vying with private borrowers for loans and investments, and rates will likely rise.

“The greater consequences are going to be in the intermediate and long-term,” he says. “If it didn’t mean anything, S&P wouldn’t have downgraded us.”

The Obama administration made its displeasure known quickly after the downgrade was announced. The Treasury Department said S&P had acted on an analysis that had a $2 trillion error.

On Saturday, the administration appeared to soften its tone. White House press secretary Jay Carney, without referring directly to the downgrade, said President Barack Obama believes Washington “must do better” tackling the federal budget deficits.

Already, there were signs that the downgrade itself would become a volatile political issue.

Senate Majority Leader Harry Reid, D-Nev., said the S&P decision showed that Democrats’ preferred solution to long-term debt, a mix of tax increases on the wealthy and budget cuts, was the right answer.

House Speaker John Boehner, R-Ohio, said he hoped Democrats would learn they can’t “tinker around the edges” of the U.S. debt problem. And Republican presidential candidates for 2012 laid blame on Obama.

S&P had called for $4 trillion in U.S. deficit reduction. The deal cut by Congress early last week called for only about $2 trillion over the next decade. S&P said it wasn’t enough to address America’s debt problem.

The rating agency also said the decision reflected its loss of confidence in the U.S. political system. Republicans and Democrats didn’t reach a deal on debt reduction until hours before the federal government’s borrowing limit was to expire, which would have triggered a U.S. default on its debt or massive, immediate government cuts.

Economists say the downgrade, the first since the U.S. received the top rating from S&P in 1941, will rattle consumers and businesses already worried about the weak economy and the U.S. political system’s inability to handle the country’s problems.

Some fear the Dow Jones industrial average, which fell 512 points on Thursday alone because of fears about the economy and Europe, will plummet Monday when investors get to vent their anxiety.

An early sign of what’s to come may emerge Sunday evening in the United States when Asian markets open.

America’s reputation has already taken a hit abroad. China, the largest foreign holder of U.S. debt, on Saturday demanded that the United States tighten its belt and overcome its “addiction to debt” in the wake of the S&P downgrade. China’s central bank holds an estimated $1.16 trillion in U.S. debt.

The state-run Xinhua News Agency declared: “The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.”

“It’s going to be tougher for the U.S. to attract capital,” Vitner says. “If you’re a business and you’re deciding where to invest your earnings and investors’ capital, you’re looking around the world. The U.S. suddenly looks riskier

MAYAN CALENDER AND 2012

slumdogbroker — Mon, 02 Nov 2009 10:14:32 +0000

The date December 21st, 2012 A.D. (13.0.0.0.0 in the Long Count), represents an extremely close conjunction of the Winter Solstice Sun with the crossing point of the Galactic Equator (Equator of the Milky Way) and the Ecliptic (path of the Sun), what that ancient Maya recognized as the Sacred Tree. This is an event that has been coming to
resonance very slowly over thousands and thousands of years. It will come to resolution at exactly 11:11 am GMT.

The Tzolkin is a 260-day calendar based around the period of human gestation. It is composed of 20 day-signs, each of which has 13 variations, and was (and still is) used to determine character traits and time harmonics, in a similar way to Western astrology. The Maya also used a 365-day calendar called the Haab, and a Venus calendar, plus others. They measured long time periods by means of a Long Count, in which one 360-day year (a “Tun”), consists of 18 x 20-day “months” (“Uinals”). Twenty of these Tuns is a Katun; 20 Katuns is a Baktun (nearly 400 years); and 13 Baktuns adds up to a “Great Cycle” of 1,872,000 days, ( 5200 Tuns, or about 5125 years).

Mayan scholars have been attempting to correlate the Long Count with our Western Gregorian calendar, since the beginning of this century. There has been massive variation in the suggested correlations, but as early as 1905, Goodman suggested a correlation only 3 days from the most popular one today. Known as the GMT correlation, or “correlation # 584283″, this was finalized in 1950, and puts the start of the Great Cycle ( day 0.0.0.0.0) on 11th August 3114 BC, and the end-date (known as 13.0.0.0.0.) as 21st December 2012.

Jose Arguelles has pointed out that the Tzolkin is a harmonic of the Great Cycle, and can be used to map history, as if it is measuring not individual gestation but species gestation, since 5 Great Cycles add to exactly 26,000 Tuns; the “Grand Year” or precession of the equinoxes – a higher harmonic of 260.

NOTE: The astronomer Philip Plait has stated very clearly that the Mayan calendar does not end in 2012 at all, that it is like the odometer on your car, as each section of the odometer reaches 9 and then clicks over to 0, the next number to it starts a new cycle, so that when all the numbers again reach 0 all the way across the odometer – the last number will change from 1 to 2 and the new cycle starts all over again.

SWINE FLU SYMPTOMS, PRECAUTION & TREATMENT

slumdogbroker — Tue, 11 Aug 2009 16:36:58 +0000

Origin

Swine Flu is a respiratory disease, caused by a strain of the influenza virus known as H1N1.

Although, H1N1 is the same strain that causes seasonal outbreaks of flu in humans, the latest type is different as it is a mutated version containing genetic material that is generally found in strains of the virus that affect humans, birds and swine (pigs).

What has happened this time is that the flu viruses from humans and pigs have swapped genetic components with each other, and evolved into a completely new variety – Hence the absence of any concrete treatment plan for it.

Although the strain may have originated in pigs, it is now a wholly human disease and is being transmitted person-to-person.

Symptoms:

The first symptoms of swine flu are fever (greater than 100°F or 37.8°C), sore throat, body ache and fatigue. Some patients have also complained about running nose, diarrhoea and vomiting.

Persons who have travelled overseas recently should be extra cautious and seek medical help immediately if they have these symptoms.

But these symptoms alone would not suggest that a person is infected by Swine Flu, as it can be confirmed only after testing a respiratory specimen, that’s taken from the suspected case within the first four to five days.

So it is important to seek medical help if one feels that he/she has flu.

Precautions:

As the flu is now spreading by people-to-people to contact, the infection primarily spreads when a person comes in close contact with an infected person. The simple way to minimise the risk is by covering the mouth and nose while coughing and sneezing and wearing a mask while going close to the infected person.

Maintaining high level of hygiene is also important and one should always wash hands frequently with soap and water.

Since influenza spreads through both air and contact with contaminated surfaces, surface sanitizing may help prevent some infections. For that alcohol is an effective sanitizer, bleach can also be used to sanitize rooms or equipment that have been occupied by patients with influenza symptoms.

Treatment

People with the flu are advised to get plenty of rest, drink plenty of liquids, avoid using alcohol and tobacco and, if necessary, take medications such as paracetamol (acetaminophen) to relieve the fever and muscle aches associated with the flu.

However, the best way would be to get in touch with your doctor, who can help you get the right treatment.

Preventive medications are not advisable as it may lead to the development of resistance to the only known effective drug Tamiflu – the government of India has adequate stock of the drug.

Emergency Help

If any person has all or any of the above mentioned symptoms he/she should not panic and get themselves tested in any of the government hospitals.

Swine Flu Symptoms

slumdogbroker — Tue, 11 Aug 2009 16:27:05 +0000

Although the name ‘swine flu’ brings up a lot of extra fear and worry, it is important to note that swine flu is just an influenza A H1N1 virus.

That means that it is just another type of flu virus, just like that causes our typical seasonal flu symptoms. The big difference is that the current swine influenza A (H1N1) virus has components of pig and bird influenza viruses in it, so that humans don’t have any immunity to it. That is what made it more likely that it would become a pandemic virus (have the ability to cause a global outbreak) because it could easily spread from person-to-person.

So far, even as you see swine flu cases increase on this swine flu map, experts don’t know if this swine influenza A (H1N1) virus will return in the fall for another wave. It could or we just continue to see sporadic cases for a few weeks or months until it stops.

We do know that swine flu symptoms are just like seasonal flu symptoms.

Swine Flu Symptoms

According to the CDC, like seasonal flu, symptoms of swine flu infections can include:

fever, which is usually high, but unlike seasonal flu, is sometimes absent
cough
runny nose or stuffy nose
sore throat
body aches
headache
chills
fatigue or tiredness, which can be extreme
diarrhea and vomiting, sometimes, but more commonly seen than with seasonal flu

Signs of a more serious swine flu infection might include pneumonia and respiratory failure.

If your child has symptoms of swine flu, you should avoid other people and call your pediatrician who might do a rapid flu test to see if he has an influenza A infection. Further testing can then be done to see if it is a swine flu infection. (Samples can be sent to local and state health departments and the CDC for confirmation of swine flu, especially if a child is in the hospital.)

Swine Flu High Risk Groups

With regular seasonal flu, infants and the elderly are usually thought to be most at risk for serious infections, in addition to people with chronic medical problems. Swine flu high risk groups, people who are thought to be at risk for serious, life-threatening infections, are a little different and can include:

pregnant women
people with chronic medical problems, such as chronic lung disease, like asthma, cardiovascular disease, diabetes, and immunosuppression
children and adults with obesity

Serious Swine Flu Symptoms

More serious symptoms that would indicate that a child with swine flu would need urgent medical attention include:

Fast breathing or trouble breathing
Bluish or gray skin color
Not drinking enough fluids
Severe or persistent vomiting
Not waking up or not interacting
Being so irritable that the child does not want to be held
Flu-like symptoms improve but then return with fever and worse cough

Swine Flu Symptoms vs. a Cold or Sinus Infection

It is important to keep in mind most children with a runny nose or cough will not have swine flu and will not have to see their pediatrician for swine flu testing.

This time of year, many other childhood conditions are common, including:

spring allergies – runny nose, congestion, and cough
common cold – runny nose, cough, and low grade fever
sinus infections – lingering runny nose, cough, and fever
strep throat – sore throat, fever, and a positive strep test

What You Need To Know

Swine flu likely spreads by direct contact with respiratory secretions of someone that is sick with swine flu, like if they were coughing and sneezing close to you.
People with swine flu are likely contagious for one day before and up to seven days after they began to get sick with swine flu symptoms.
Droplets from a cough or sneeze can also contaminate surfaces, such as a doorknob, drinking glass, or kitchen counter, although these germs likely don’t survive for more than a few hours.
Anti-flu medications, including Tamiflu (oseltamivir) and Relenza (zanamivir), are available to prevent and treat swine flu.
The latest swine flu news from the CDC includes advice that children should not attend summer camps if they have had swine flu symptoms in the previous seven days and that camp staff should be quick to identify campers with swine flu symptoms and separate them from well campers.

What is swine flu? What are its symptoms?

slumdogbroker — Tue, 11 Aug 2009 16:17:53 +0000

Swine flu is a respiratory disease which infects pigs. It is caused by influenza type A virus, there are regular outbreaks among herds of pigs, where the disease causes high levels of illness but is rarely fatal.

It tends to spread in autumn and winter but can circulate all year round.

There are many different types of swine flu and like human flu, the infection is constantly changing.

Swine flu does not normally infect humans, although sporadic cases do occur usually in people who have had close contact with pigs.

There have also been rare documented cases of humans passing the infection to other humans.

Human to human transmission of swine flu thought to spread in the same way as seasonal flu – through coughing and sneezing.

The outbreak in Mexico seems to involve a new type of swine flu that contains DNA that is typically found in avian and human viruses.

The World Health Organization has confirmed at least some of the cases are caused by this new strain of H1N1.

“We are very, very concerned,” World Health Organisation (WHO) spokesman Thomas Abraham said. “We have what appears to be a novel virus and it has spread from human to human… It’s all hands on deck at the moment.”

It is genetically different from the fully human H1N1 seasonal influenza virus that has been circulating globally for the past few years. It contains DNA that is typical to avian, swine and human viruses, including elements from European and Asian swine viruses

When any new strain of flu emerges that acquires the ability to pass from person to person, it is monitored very closely in case it has the potential to spark a pandemic.

The WHO is concerned but says it is too soon to change the threat level warning for a pandemic. However, it has convened an expert panel to consider whether to raise the alert level or issue travel advisories.

It might already be too late to contain the outbreak, a prominent US pandemic flu expert said.

Dr Michael Osterholm, a public health expert at the University of Minnesota, said given how quickly flu can spread around the globe, if these are the first signs of a pandemic, then there are probably cases incubating in other parts of the world already.

“Literally hundreds and thousands of travellers come in and out of Mexico City every day,” Dr Osterholm said. “You’d have to believe there’s been more unrecognised transmission that’s occurred.”

There is no vaccine that specifically protects against swine flu, and it was unclear how much protection current human flu vaccines might offer.

However, the CDC says two flu drugs, Tamiflu and Relenza, seem effective against the new strain. Roche, the maker of Tamiflu, said the company is prepared to immediately deploy a stockpile of the drug if requested.

Both drugs must be taken early, within a few days of the onset of symptoms, to be most effective. There have also been concerns that some forms of flu have been developing resistance to the drugs.

Scientists have long been concerned that a new flu virus could launch a worldwide pandemic of a killer disease.

A new pandemic flu virus could evolve when different flu viruses infect a pig, a person or a bird, mingling their genetic material. The resulting hybrid could spread quickly because people would have no natural defences against it.

The most notorious flu pandemic is thought to have killed at least 40 million people worldwide in 1918-19. Two other, less deadly flu pandemics struck in 1957 and 1968.

Symptoms:

The symptoms of swine flu are broadly the same as those of ordinary flu, but may be more severe and cause more serious complications.

The typical symptoms are:

Sudden fever (a high body temperature of over 38C or 100.4F) or a sudden cough.

Other symptoms may include:

- headache

- tiredness

- chills

- aching muscles

- limb or joint pain

- diarrhoea or stomach upset

- sore throat

- runny nose

- sneezing

- loss of appetite

Most people who have contracted swine flu recover within a week and do not suffer complications, even without being given antiviral medication.

However, experts point out that as this is a new virus, its behaviour cannot be predicted with certainty.

Swine flu is different from seasonal flu in that most serious illnesses have been in younger age groups, as happened in all three 20th-century influenza pandemics.

A doctor faced with a symptomatic patient cannot yet predict with certainty the course of their illness and whether or not they will be in the small proportion who may become more seriously ill.

Antiviral medication is still being given to all those with swine flu in the UK, subject to their doctor’s discretion.

If you feel unwell:

If you have flu-like symptoms and are concerned that you may have swine flu:

· Read up on swine flu symptoms then use the NHS Direct swine flu symptom checker.

· If you are then still concerned, stay at home and call your GP who will be able to provide a diagnosis over the phone.

· If the GP confirms swine flu by telephone, they will give you a voucher reference number entitling you to antiviral medication.

· Give this number to a healthy friend or relative and ask them to pick up the antivirals for you from a designated local collection centre.

· In the meantime, take paracetamol-based cold remedies to reduce fever and other symptoms, drink plenty of fluids and get lots of rest.

High-risk groups

Some groups of people are more at risk of serious illness if they catch swine flu, and will need to start taking antiviral medication as soon as they are confirmed with the illness.

Scientists are still learning more about the risk profile of the virus, but it is already known that the following people are particularly susceptible:

· people with:

- chronic lung disease,

- chronic heart disease,

- chronic kidney disease,

- chronic liver disease,

- chronic neurological disease (such as epilepsy, multiple sclerosis and Parkinson’s disease)

- immunosuppression (whether caused by disease or treatment) and

- diabetes mellitus,

· patients who have had drug treatment for asthma within the past three years,

· pregnant women,

· people aged 65 years and older, and

· young children under five years old.

It is vital that people in these higher-risk groups who catch swine flu get antivirals and start taking them as soon as possible.

Railway budget 2009-10: Full text of Mamata Banerjee’s speech

slumdogbroker — Sat, 04 Jul 2009 03:24:14 +0000

Railway budget 2009-10: Full text of Mamata Banerjee’s speech

Friday, July 3, 2009 20:14 IST

Text

1. Madam Speaker, I rise to present the Budget Estimates for the year 2009-10 for the Indian Railways. I am extremely honoured presenting the first railway budget in the august House presided by the first lady Lok Sabha Speaker of the country.

2. This is the first Railway budget that I will be presenting as a Minister in the UPA government. I thank our respected Prime Minister, Dr. Manmohan Singh Ji for his valued guidance and support and I am also thankful to our honourable Finance Minister for his kind support. I have presented two Railway Budgets earlier and this will be my third Railway Budget.

3. Madam, I know how our Hon’ble Members of Parliament representing people from all parts of the country have high expectations from Indian Railways. They want new projects in their states and constituencies. They also want more new lines, more budget provisions and existing projects to be expedited. They want more trains and better services.

4. Railway is the visible face of the government and we are proud of it. Madam, therefore standing before the august House, please permit me to raise a question as to whether railway projects are to be measured only on the scale of “economic viability” or do we also need to look at the “social viability” of these projects? Are the fruits of development to be restricted only to a privileged few and not to the teeming populations in remote and backward areas of our country? These projects may be economically unviable but are an economic necessity for the people of those regions who have remained victims of backwardness and poverty. They need these projects even more. I do believe and I am firmly committed to the visible upliftment of the downtrodden and
under privileged which is imperative for holistic socio economic development of the country. These projects that are instrumental in upgradation of the deprived and under privileged, may not meet the so called economic viability criterion but create real economic assets which will be far more beneficial for future development.

5. Several years have passed since we got independence. Just as everybody has a right to vote in democracy, in the same manner, every ordinary person should have the right to development. Several lakhs of people are awaiting development. The time has now come for them to receive their share in fruits of development. I think the time has come when our economists and social philosophers will have to consider, that the upliftment of the poor and down trodden, is the primary task of any welfare government and society and the old mindset of economic viability should be substituted by social viability. As the former Prime Minister Indiraji once stated that “elimination of poverty demands frontal attack on vested interests and causes of poverty”.

6. I believe that by building up major infrastructural facilities like Indian Railways, we will be able to aim at development of the large number of face less poor people. These are at the core of my developmental approach for railways.

7. Speaker Madam, our hon’ble Prime Minister always emphasises on ‘inclusive growth’. The Railways must set an example to promote ‘inclusiveness’ in their functioning keeping the needs of all sections of our fellow countrymen in our thoughts, decisions and deeds. I have therefore decided to set up an expert committee to advise me on innovative financing and implementation of the so called “economically unviable” but socially desired projects. We will identify those parts that are detached from all infrastructure development and facilities and within a short time I will prepare a blue print of how many such schemes can be implemented in the coming five years.

8. Madam, we need to strike a right balance. Everyone knows that India is changing and changing rapidly. Indian Railways has been trying to keep pace with this change. Indeed Railways is making its own important contribution to this change. Today the people of India are eager for faster and inclusive economic growth. They want better connectivity, more employment opportunities. People of every region in every state want to see progress in agriculture, industry, trade and business, so that they and their children can live a better life. Indian Railways is a unique umbrella for creation of infrastructure for development and it is our Mission and Vision to expand the network to reach development to every corner of the country.

9. Madam, here I would like to quote the following words of Gurudev Rabindra Nath Tagore; “Where the mind is led forward by Thee, into ever-widening thought and action
Into that heaven of freedom, my Father, let my country awake.”

Service to the Passengers

10. Madam Speaker, after taking over as Railway Minister just a few days
back, I faced many complaints about deterioration in overall passenger services.
Therefore my priority areas will be a perceptible improvement in

• Passenger Amenities

• Cleanliness

• Quality of Railway catering

• Safety and Security and

• Punctuality

11. All Railway zones have been instructed to give priority to provision of good quality food, drinking water and toilet facilities and ensure cleanliness on trains and stations. I have further instructed that availability of Janata Khana should be ensured and we will be introducing national and regional cuisines in our catering. A comprehensive policy including strict monitoring mechanisms would be developed soon for achieving these objectives.

World Class Stations

12. We have decided to develop about 50 stations as world class stations with international level facilities. These will be developed, through innovative financing and in Public Private Partnership mode. Some of these stations are CST Mumbai, Pune, Nagpur, Howrah, Sealdah, Bhubaneswar, New Delhi, Lucknow, Varanasi, Amritsar, Kanpur, Guwahati, Jaipur, Chennai Central, Tiruvananthapuram Central, Secunderabad, Tirupati, Bangalore City, Baiyapanahali (Bangalore), Ahmedabad, Bhopal, Habibganj, Gaya Jn., Agra Cantt., Mathura Jn., Chandigarh, Kolkata, New Jalpaiguri, Majerhat, Mangalore, Porbandar, Anand Vihar, Bijwasan, Ajmer Jn. and Puri.

Adarsh Stations

13. Madam, we will develop Adarsh stations with basic facilities such as drinking water, adequate toilets, catering services, waiting rooms and dormitories especially for lady passengers, better signage and other basic facilities are universally available. This year we are taking up 375 stations for inclusion as Adarsh stations. The list of 309 identified stations is as follows: Abohar, Adi Saptagram, Adra, Agarpara, Ahmadpur Jn, Akra, Alipurduar Jn, Ambika Kalna, Amethi, Amta, Andheri, Andul Jn, Aranghata, Asansol,
Ashoknagar Road, Avadi, Azimganj City, Badkulla, Bagbazar, Baghajatin, Bagnan, Baidyabati, Balichak, Ballygunge, Balurghat, Bandel, Bandra, Bankura, Banpur, Bansh Beria, Banspani, Barakar, Baranagar Road, Bargachia, Barrackpore, Baruipara, Baruipur, Basirhat, Bauria Jn, BBD Bag, Begampur, Belanagar, Belapur, Belerhat, Belgharia, Belur, Belur Math, Berhampur Court, Bhadreswar, Bhandup, Bhasila, Bhayandar, Bidar, Bidhannagar Road, Bihar Sharif, Biman Bandar, Bira, Birati, Birnagar, Bolangir, Bolpur, Bongaon Jn, Borivali, Brace Bridge, Budge Budge, Burdhman, Burrabazar, Canning, Chakda, Chakradharpur, Champahati, Champapukur, Chandannagar, Chandausi Jn, Chandpara, Charni Road, Chembur, Chengel, Chennai Beach Jn, Chennai Chetpat, Chennai Park, Chhindwara Jn, Chinchwad, Chittaranjan,
Chittaurgarh Jn, Chittoor, Chromepet, Chuchura, Churchgate, Cooch Behar, Currey Road, Dadar, Dahanu Road, Dakshineswar, Dalkolha, Dankuni Jn, Dausa, Delhi Kishanganj, Deula, Devlali, Dhakuria, Dhaniakhali, Dhapdhapi, Dhupguri, Diamond Harbour, Dockyard Road, Dombivali, Domjur, Dum Dum Cantt, Dum Dum Jn, Durganagar, Durgapur, Duttapukur, Eden Gardens, Farakka, Faridkot, Gangnapur, Garbeta, Garia, Gede, Ghatkopar, Ghutiari Sharif, Gobardanga, Gomoh Jn, Gopalnagar, Goregaon, Guma, Guptipara, Gurdas Pur, Gurgaon, Guskara, Habibpur, Habra, Halisahar, Haripal, Harua Road, Hasnabad, Haur, Hooghly, Ichhapur, Jadabpur, Jagaddal, Jajpur Keonjhar Road, Jalpaiguri, Jamshedpur, Jangipur Road, Jaynagar Majilpur, Jhargram, Jiaganj, Jirat, Kakdwip, Kalikapur, Kalinarayanpur Jn, Kalyani, Kalyani Ghoshpara, Kalyani Silpanchal, Kalyanpur, Kamarkundu Jn, Kanchrapara, Kankinara, Karjat, Kasara, Kashinagar, Katwa Jn, Khadki, Khana, Khardaha, Khopoli, Khurda Road, King’s Circle, Kirnahar, Kolaghat, Konnagar, Koraput Jn, Korukkupet, Krishnanagar City Jn, Kulti, Kurla, Lake Gardens, Lakshmikantapur, Lalgarh Jn, Lalgola, Latur, Liluah, Londa Jn, Madanpur, Madhubani, Madhupur Jn, Madhyamgram, Magra Hat, Majhergram, Malad, Malda Town, Mallikpur, Manavur, Mankundu, Marine Lines, Masagram, Masalandapur, Matunga, Mecheda, Memari, Midnapur, Mira Road, Mourigram, Mulund, Mumbai Central (Local), Murshidabad, Nabadwipdham, Nahur, Naigaon, Naihati Jn, Nalgonda, Nalhati Jn, Nalikul, Namkhana, Nanur, Narayan Pakuria Murail, Nasibpur, Netra, New Alipore, New Barrackpore, Nischindapur, Okha, Palpara, Palta, Panskura Jn, Panvel, Parasnath, Parkcircus, Parli Vaijnath, Patipukur, Patna Sahib, Perambur Carriage Works, Phulia, Pilibhit Jn, Plassey, Prayag, Princepghat, Pundooah, Purbasthali, Purulia Jn, Raiganj, Rampurhat, Ranaghat Jn, Rangapara North, Raniganj, Rasulpur, Rayagada, Rishikesh, Rishra, Sagar, Sahibganj, Sainthia Jn, Salempur Jn, Samudragarh, Sangli, Sangrampur, Sanpada, Santacruz, Santoshpur, Saphale, Senji Panambakkam, Sewri, Shaktigarh, Shantipur Jn, Sheoraphuli, Shikohabad Jn, Shivajinagar, Shrirampur, Shyamnagar, Silchar, Siliguri Jn, Simurali, Singur, Sirsa, Sitamarhi, Sitapur Jn, Sitarampur Jn, Sodepur, Sonarpur Jn, Sondalia, St. Thomas Mount, Subhasgram, Subzi Mandi, Sultanganj, Suri, Suryapur, Taki Road, Tala, Tambaram, Tarakeswar, Tarapith Road, Thakurnagar, Tilak Nagar, Tiruninravur, Tiruvalangadu, Tiruvallur, Titagarh, Titlagarh Jn, Tollygunge, Tribeni, Turbhe, Ulhasnagar, Ulubaria, Uttarpara, Vangaon, Vashi and Virar.

Multi-functional Complexes (MFCs)

14. I am very happy to announce the construction of Multi-functional Complexes in station premises for providing rail users facilities like shopping, food stalls and restaurants, book stalls, PCO/STD/ISD/Fax booths, medicine & variety stores, budget hotels, underground parking etc. It is proposed to take up development of these Multi-functional Complexes in different parts of the country at 50 railway stations serving places of pilgrimage, industry and tourist interest in this year. Responsibility for development of these facilities will be entrusted to IRCON and Rail Land Development Authority (RLDA).

A list of 49 identified stations is:
Alipurduar, Allahabad, Anandpur Sahib, Banspani, Bikaner, Bilaspur, Cuttack,
Darjeeling, Dehradun, Digha, Durg, Ernakulam, Gandhidham, Ganga Sagar, Ghatsila, Gwalior, Hajur Sahib, Hubli, Hyderabad, Indore, Jabalpur, Jammu Tawi, Jasidih, Jhansi, Jodhpur, Kanniyakumari, Kathgodam, Katra, Khajuraho, Madurai, Manmad, Mysore, Nanded, Nasik, Palakkad, Parasnath, Raebareily, Raipur, Rajgir, Rameshwaram, Ranchi, Shirdi, Silchar, Tarapith, Tiruchirapalli, Udaipur, Ujjain, Vadodara, and Visakhapatnam.

Clean trains and Stations

15. During current year we will expand On Board House Keeping Scheme (OBHS) to cover 200 additional pairs of trains and also take up improved linen management to bring about a significantly improved quality of washing, through modern mechanised automated laundries. Initially, a pilot project will be started at the metropolitan cities, like Mumbai, Delhi, Kolkata, Chennai and Thiruvananthapuram. On its success it will be extended to other cities.

16. Railways will extend a helping hand to Physically Challenged Persons and aged persons by providing standard ramps, earmarked parking lots, specially designed coaches in each mail and express train, lifts and escalators, in a phased manner.

17. We will introduce Train Information System with automatic announcements in Kolkata, Chennai and Delhi suburban sections as is already in the process of being installed in Mumbai. Other important stations will be covered in a phased manner.

Doctor on Train.

18. We are exploring possibility to depute at least one doctor in long distance trains. Arrangements will be made to provide Ambulance services for passengers at Chennai, Bangalore, Delhi, Hyderabad, Mumbai, Kolkata and Bhubaneswar to start with.

19. Madam, for long distance passengers I am happy to inform that Railways will provide on-board infotainment services on Rajdhanis, Shatabdis and important long distance inter- city trains for a pleasurable travel experience.

20. Field trials are being conducted for introducing environment friendly green toilets. We are also planning to conduct trials on vacuum toilets similar to those used in aircraft on a few coaches.

21. Toilet facilities are not being provided in DEMU and MEMU trains when the travel time is less than 4 hours. This poses difficulties for women, children and aged persons. We are now planning to provide toilet facilities where journey is more than 2 hours. Give us a little time; we will do it as early as possible.

Ticketing and Reservation

22. Indian Railways Passenger Reservation System (PRS) now covers 800 locations with 6872 terminals. We will cover 200 new towns and cities and a further 800 new locations in cities and towns already having PRS facilities will be covered. Madam, I invite each member of both houses of Parliament to identify one PRS location of their choice and inform railways for inclusion in the list of new locations.

23. For unreserved tickets, the number of Unreserved Ticketing System (UTS) terminals is being expanded from 5000 to 8000. Automatic Vending Machines would be installed at 200 large and medium sized stations. We are expanding e ticketing for ease of passengers. Cancellation of confirmed e-tickets after preparation of charts is being further simplified. Efforts are on to provide SMS update on waitlisted tickets and indicate berth numbers on confirmed ticket by the end of the financial year.

“Mushkil Aasaan”

24. Madam, I think members will be very happy to know that how the facility of UTS can be reached to the “Maa Maati Manush”. Under the MoU between Railways and Department of Post, passengers can now buy computerized tickets from nearly 5000 post offices in cities and towns. Madam, this august house would be happy to know that I have decided to introduce mobile ticketing vans “Mushkil Aasaan” for issuing reserved and unreserved tickets in both urban and rural areas. Poor people who are unable to go to the stations can now purchase tickets in market places, mohallas and other busy places. In this year, we will introduce 50 such mobile vans in the country. Air conditioned double decker coaches for inter-city travel.

25. Madam the house will be happy to know that like double decker buses we are taking the novel initiative of introducing high capacity air conditioned double-decker coaches, for intercity travel. These will have superior riding quality and comfort.

Monitoring of Passenger Facilities

26. For monitoring these various initiatives, the Additional General Managers on each zonal Railway will be responsible for periodic supervision and carrying out surprise inspections and attending to public grievances on this subject. Each Division will have a dedicated officer for field level supervision.

Safety

27. Safety is our first priority. This includes timely track renewal, modernization of signals, use of various safety equipment like digital ultrasonic flaw detecting machines and wheel impact load detectors (WILD). In the first two years of the plan period, 7843 kms of track renewals has been completed and a target of 3500 km has been kept for 2009-10. Out of 66,565 km of broad gauge track, 57,345 km has been brought under mechanized maintenance.

28. Road Over Bridges and Road Under Bridges are extremely important from safety point of view. The present mechanism of cost sharing between the Railways and the state governments needs to be reviewed. The time has come to develop a new approach where, with assured funding, turnkey execution of these projects can be done. We will take up this issue with the Planning Commission for their support.

29. Anti Collision Device (ACD) to prevent incidents of train collisions has been made operational on 1736 RKm of North Frontier Railway. Further work for extending this system on 1700 RKm on three railways Southern, South Central and South Western Railways is planned to be completed in two years. I will review the implementation of the project before further extension to other Railways.

30. All safety related matters will be taken care of by Railway Board who will take responsibility and effective measures to ensure safety.

Security

31. Security is another priority area of railways. Railways are strengthening their efforts at providing protection to passengers both at stations and on trains. For revamping security systems, an Integrated Security Scheme has been drawn up for 140 vulnerable and sensitive railway stations. We are also planning to raise Commando Battalions and will increase the number of women commandos. Women RPF squads are being deployed for security of women passengers, particularly in sections where a large number of women travel alone regularly. Madam, even though Law and order is a state subject, we will work together with all agencies concerned to give passengers a safe
journey.

Staff Welfare

32. We are proud of our 14 lakh employees. They are the leader and our engine of growth

• A thrust will be given under the Corporate Welfare Plan for improvement of staff quarters & colonies. During 2009-10, 6560 staff quarters are proposed to be constructed.

• To promote sports, cultural and extra-curricular activities, indoor stadia will be developed in major railway divisions and zones including Bongaon at the Indo- Bangladesh border.

• I propose to increase the contribution to Staff Benefit Fund to Rs350/- per employee by one year with the proviso that out of this contribution, the sum of Rs 100 per employee will be exclusively for activities relating to women empowerment and training for developing vocational and occupational skills of physically and mentally challenged wards of railway employees especially girl child and higher education for girls.

• I propose to set up Scholarships for higher education of girl children of group D staff for promoting their economic independence.

• It is proposed to open seven Nursing Colleges on Railway land at Delhi, Kolkata, Mumbai (Kalyan), Chennai, Secunderabad, Lucknow and Jabalpur on Public Private Partnership model so as to facilitate the wards of the Railway employees in finding a good vocational avenue.

• Medical colleges are planned to be established attached to existing railway hospitals through PPP, to give higher education facilities to new generation of railway children. The locations would be Chennai, Hyderabad, Bilaspur, Lucknow, Barasat, Bhubaneswar, Mysore, Kharagpur, Guwahati, Dibrugarh, Jodhpur, Gardenreach, Nagpur, Ahmedabad, B. R. Singh Hospital, Bhopal, Jammu and Trivandrum.

• We will provide dormitories for ladies and gents who accompany the patients at 16 hospitals having 150 beds and above.

• For special medical treatment of railway persons, General Managers will be empowered to sanction cases up to Rs 4 lakhs.

• The Metro Railway Hospital at Tollygunge is proposed to be upgraded to 75 bedded hospital.

• Burn Units will be provided on major Railway Hospitals of Delhi, Mumbai, Chennai, Secunderabad, Bangalore and /B.R. Singh Hospital.

• I have received some observations from different people about the functioning of Railway Recruitment Boards. Therefore recruitment policy and RRBs will be reviewed shortly.

• Special Recruitment Drive will be launched to wipe out backlog in filling up the vacancies of Scheduled Caste/Scheduled Tribes.

• It is proposed to develop a scheme to give better representation to minorities, women and economically back ward classes of the society in railway recruitments.

• A Special Recruitment Drive will be launched for filling up of vacancies against Physically Handicapped Quota.

• We want to promote sports and cultural activities among the Railway persons. I appreciate all railway sports persons who participated in national and international events. Sports persons will get their share in recruitment.

Optic Fibre Cable

33. Madam, I had announced in 2001-02 Railway Budget laying of Optic Fibre Cable network along Railway track for commercial utilization. After 8 years, I find little progress. Hence Madam, I propose to constitute an expert committee, headed by Shri Sam Pitroda, the key person behind the telecommunication revolution in our country. The Committee will suggest further innovations, to utilize the optic fiber cables network of the railway and take information technology to the door steps in remote areas.

Wagons

34. During the year 2009-10 Railways have planned to acquire 18,000 wagons under rolling stock programme as against 11,000 wagons in 2008-09. There is a growing demand of wagons in Railways. We propose to initiate the process for taking over wagon units of Burn Standard. A dialogue has already been started with concerned Ministries for waiver of accumulated liabilities. Efforts will be made to complete all action at the earliest as the units are PSU s under the Ministry of Heavy Industries.
Production Units.

35. The Production Units of Indian Railways have performed well in 2008-09, with many units setting new records of production and productivity.

• Rail Coach Factory/Kapurthala manufactured 1558 coaches including 121 stainless steel coaches of new LHB design. The target for 2009-10 is 1562 coaches.

• Integral Coach Factory/Chennai turned out 1337 coaches. The target for 2009-10 is 1433 coaches.

• Diesel Locomotive Works/Varanasi manufactured 257 locomotives in 2008-09. The target for 2009-10 is 250 locomotives with a substantial increase in the number of high horse power locomotives to 150.

• Chittaranjan Locomotive Works manufactured 220 locomotives, the highest ever, including 54 3-phase high horse power locomotives. The target for 2009-10 is 250 locomotives.

• Rail Wheel Factory/Bangalore achieved a quantum jump in wheel production of 35% over 2007-08 by producing 1,96,261 wheels in the year 2008-09. The production target for 2009-10 is 2,00,000 wheels.

• Diesel Modernization Works (DMW) is upgrading the existing fleet of Diesel Locomotives from existing 2600 HP to 3100 HP and 3300 HP Diesel locomotives.
Railway Workshops to be reorganised on business lines

36. A business plan will be drawn up to improve overall efficiency and reduction in unit costs of our workshops. This will be initiated at Golden Rock, Parel, Ajmer and Kharagpur workshops.

Railway Printing Presses

37. Madam, the Printing Presses of the Railways have long been neglected and have been deemed to be a non-productive asset. It is my belief that if we take up a few major presses like Mumbai (Byculla), Delhi (Shakurbasti), Kolkata (Howrah) and Chennai, for upgradation and modernization, it would not only be cost effective but may also release surplus space for ancillary development and commercial purposes. I have asked for review of the policy in this regard. I am also aware of heritage institutions like
Basumati Sahitya Mandir, a State Public Undertaking in West Bengal, which unfortunately is lying unutilized for the last two years. This great institution played a vital role in our freedom movement and is associated with eminent and historic personalities like the father of the nation Mahatma Gandhi, Rabindra Nath Tagore, Rishi Aurobindo, Netaji Subhash Chander Bose, Sri Sri Ramakrishna and Vivekananda. I would be happy to takeover this institution if the State Government hands it over to the Railways.
Public Sector Undertakings- our PSUs are doing well.

38. During the year 2007-08 all the ten Public Sector Undertakings under the administrative control of Ministry of Railways have performed well and achieved a combined turnover of Rs. 11,880 crore and earned a net profit of Rs.1,950 crore. A total dividend payment of Rs. 261 crores has been made to Railways.

Freight Business

39. Several measures are being taken to improve the proportion of freight traffic moving on Railways.

• Besides improving the loading of coal, iron ore, cement, fertilizers and food grains, Railways are seeking to increase their share in new traffic streams like automobiles, fly ash etc.

• Permission to access private sidings will be given to containers which will help in attracting piecemeal traffic presently not being carried by Railways.

• A premium service for container movement with assured transit time is being considered for time sensitive cargo.

• Private ownership of special purpose rolling stock for commodities and private operation of freight terminals will be encouraged.

• A new policy would be unveiled to allow construction and operation of private freight terminals and multi-modal logistic parks.

• Railways are also in the process of bringing together state governments and major logistics players to set up logistics parks co-habited by multiple players through participative funding.

• Mega logistics hubs are being planned alongside the proposed Eastern and Western Dedicated Freight Corridors.

Kisan-Vision project

40. Madam, you may be aware that our country at present suffers an unacceptable loss of about Rs. 35-40,000 crore every year towards wastage of fruits and vegetables. I am happy to inform the House about the contribution Railways proposes to make to the second green revolution by introducing special trains to carry perishable products like fruits and vegetables, fish etc from identified production clusters to consumer centres, by way of maintaining quality and freshness of perishable produce. Railways will encourage creation of facilities of setting up cold storage and temperature controlled perishable cargo centres and its transportation through public private partnership mode. For this purpose, Railways will associate professional agency to identify locations and designing proper services.

41. On similar lines, to promote small industries sector, we will facilitate movement of village handicraft, cottage industry and textile products from production clusters like Tirupur, Dhanekhali, Shantipur etc to consumption centres. This will greatly increase their outreach and access to new markets.

Super Fast Parcel Express Trains

42. I am happy to announce the launch of a premium parcel service named “Faster Parcel Services” on a pilot basis on 3 routes between: Tughalakabad (Delhi) and Royapuram (Chennai), Tughalakabad (Delhi) and Vapi (near Mumbai), Tughalakabad (Delhi) and Howrah. This is envisaged as a time-tabled service from dedicated terminals with guaranteed transit time and web-based bookings. Dedicated Freight Corridors

43. The Dedicated Freight Corridor project on the Western and Eastern routes is a landmark project which will adorn the country like a necklace. In view of its importance for creating infrastructure in the country and generating employment I would like to declare it as the “Diamond Rail Corridors” project of the Indian Railways. The Western corridor passes through Uttar Pradesh, Delhi, Haryana, Rajasthan, Gujarat and Maharashtra. The Eastern Corridor will run from Ludhiana to Kolkata via Dankuni, covering the states of Punjab, Uttar Pradesh, Bihar, Jharkhand and West Bengal. Prefeasibility studies for the other trunk routes viz; North-South, East-West, East-South and Southern (Chennai-Goa) corridors have been conducted and Ministry of
Railways will take steps for further action in this regard.

44. The Government have approved the extension of the Eastern corridor up to Dankuni. To expedite the project execution in a time bound and cost effective manner, I will be setting up an expert committee who will look into all aspects and develop a robust business plan.

45. Delhi Mumbai Industrial Corridor is being developed in the area of influence of the Western Dedicated Freight corridor comprising industrial hubs, rail port connectivity, logistic parks and mega power plants which will be executed in public private partnership mode.

46. I visualise an Eastern Industrial Corridor developing alongside the Eastern Dedicated Freight Corridor, similar to the Delhi Mumbai Industrial corridor. I propose to put Railways land banks to productive use. This will also avoid increase in cost and will help in early start of industrial projects. In order to catalyze industrial development in this corridor I have included investments in rolling stock production and assembly facilities and coach rehabilitation at Dankuni, Majerhat and Naopara in this region. These will lay the foundation for a rail based industrial cluster in the Eastern Industrial
corridor, drawing upon inherent advantages of proximity to coal and ore mines, large strength of labour force and India’s largest metal works market.

47. Madam, there is a very high demand for EMU/MEMUs and Metro coaches in the country and capacity addition is an immediate requirement. I am happy to announce the setting up of a new coach factory with state-of-art facilities exclusively to manufacture about 500 such coaches per annum in the Kanchrapara-Halisahar Railway complex where Railway land is available. This unit will be set up in Joint Venture /Public Private Partnership mode.

48. The Railways has already taken the initiative of setting up a power plant in collaboration with National Thermal Power Corporation at Nabi Nagar, which is expected to yield considerable saving in cost of electricity to the Railways. After discussions with the Ministry of Power we propose to set up a 1000 MW power plant at Adra to avail traction supply at economical tariff. Madam as I had mentioned in my opening remarks, this project is of great importance as it would be located in an under developed tribal area, and will help in providing employment and bringing the tribal people in to the mainstream.

Training for employment

49. India has one of the world’s largest populations of young people. Development and upgradation of the skill sets of our youth is critical for their economic empowerment and a better tomorrow. Contributing to the National Skill Development Mission, we will strengthen our apprentices training facilities and the new facilities proposed at Dankuni will impart state of the art training to young artisans and supervisors. This would be a significant contribution to the national talent pool and would be another key input in
making the Eastern Industrial corridor a key to the future development of the nation.

Performance in 2008-09

50. Madam, despite the economic slowdown in the last financial year, the Railways loaded 833 MT of freight cargo which is a 5% growth over the previous year. Traffic Receipts grew by 11.4% to reach Rs 79862 cr. A saving of Rs 676 cr was achieved in expenditure, through stringent economy measures. Even after having disbursed Rs. 13,600 cr. towards implementation of 6th Pay Commission recommendations the Railways were successful in generating a cash surplus before dividend of Rs. 17,400 cr. and after fulfilling their full dividend liability of Rs 4,717 cr were able to maintain internal generation for investment at Rs. 12,681 cr. The plan expenditure for 2008-09 was about Rs. 36,336 cr as against the revised target of Rs. 36,773 cr.

Budget Estimates 2009-10

51. Madam, I shall now deal with the Budget Estimates for 2009-10.

52. Madam, I am presenting the Budget Estimates for 2009-10 in the back drop of the shortfall in performance of the Railways in 2008-09. Freight loading fell short of the target of 850 MT by 17 MT. Similarly, revenues expected from commercial utilization of surplus Railway lands also did not materialize. The primary cause for these shortfalls appears to have been the economic slowdown.

53. This has forced me to review the targets set for 2009-10 in the interim budget. Based on the review, it is very clear that the unrealistically high targets set in the interim budget are not sustainable and warrant a mid course correction. I have now set more realistic targets for 2009-10 in the main budget based on the continuing trend of recession in the manufacturing sector and exports. However, I am confident that with the combined determination of the 14 lakh strong railway family we will come back to the house with an even better performance.

54. The freight traffic target for year 2009-10 has been fixed at 880 MT. This will give an incremental loading of 47 MT over 2008-09, whereas incremental loading in 2008-09 was only 39 MT. This ambitious target is being kept in light of the special measures being taken by a government to give an economic stimulus as a counter recession measure and keeping in view the special efforts that the Railways will make to attract more bulk traffic and new traffic streams. Efforts are also on to capture long lead traffic.

55. With all these measures, goods earnings are projected at Rs 58,525 cr, which is Rs 5,092 cr more than performance of 2008-09. Passenger earnings are projected at Rs 24,309 cr. A growth of 10.8% has been provided in keeping with the long term trend of growth.

56. The target for other coaching earnings is being kept at Rs. 2,750 cr which would imply a growth of 40% of the performance in 2008-09. I am of the firm view that proper marketing of our SLRs and running of premium parcel services will certainly help us realize this difficult target.

57. Madam, the Railways has a vast potential for revenue generation from non-traditional sources. In my previous tenure as Railway Minister, I had initiated several measures in this regard. Enough efforts have not been made to realize this potential. I will now develop new innovative ideas for land and air space utilization for commercial purposes through PPP mode. Such business plans would be monitored closely to achieve substantial revenues over the next three years. The target for sundry earnings is being pegged at Rs 2,760 cr, but once these initiatives take shape I am confident that not only will we improve on this but will be able to do wonders.

58. Clearance from traffic suspense has been kept at Rs 75 cr as against the performance of Rs 25 cr achieved in 2008-09. Based on the forgoing projections, Gross Traffic Receipts have been projected at Rs 88,419 cr reflecting an increase of Rs 8,557 cr on the actuals of 2008-09.

59. I propose to retain the Ordinary Working Expenses at Rs 62,900 cr, to ensure that adequate provision is made for disbursement of 60 percent arrears in salary, due in 2009-10 on account of implementation of the 6th Pay Commission and for maintenance expenditure. However, I am simultaneously pursuing stringent economy measures to target a substantial saving in working expenses. Total Working Expenses are projected at Rs 81,665 cr, which include Rs 5,325 cr as appropriation to Depreciation Reserve Fund (DRF) and Rs 13,440 cr as appropriation to Pension Fund.

60. Even after having absorbed the impact of 6th Pay Commission, to the extent of about Rs 14,600 cr in 2009-10, the cash surplus before dividend of the Railways works out to Rs 14,201 cr, Net Revenue Rs 8,121 cr. and Operating Ratio 92.5%.
61. Madam I am proud that despite the combined impact of increase in Working Expenses due to the 6th Pay Commission and sluggishness in earnings due to the economic slowdown in the economy, Railways paid their full dividend liability of Rs 4,717 cr in 2008-09 and will pay an even higher Dividend of Rs 5,479 cr in 2009-10.
62. Based on above projections the Excess of the Railways for 2009-10 will be Rs 2,642 cr, which will be appropriated to Railways Funds.

Concessions

Izzat

63. Madam, every person wants to live in dignity. The journey of life also begins with dignity. Rail journey is also like the journey of life. I want that every person should travel on our Railways with dignity. I, therefore, wish to present the gift of travel with dignity to even the poorest of the poor. I, therefore, announce a new scheme called ‘Izzat’. Under this scheme, a uniformally priced monthly season ticket of Rs. 25 would be available free of all surcharges for travel up to 100 kms for members of the unorganized sector
with monthly income not exceeding Rs. 1500/-. This will give lakhs of people in our country a chance to travel on rail with dignity. This scheme will be implemented with the cooperation of Members of Parliament. I would now like to read a couplet. ‘Bhanwar se lado, Tum lehron se uljho, Kahan tak chaloge Kinare kinare’.

Concessions to Press Correspondents

64. Now I come to the Press. Instead of giving coupons, it is now proposed to issue photo identification cum credit card based on the certification by the Press Information Bureau and other competent State and local authorities. On production of this card the Press Correspondents would be able to get reservation done and also tickets issued from the PRS/UTS counters through this card. Facilities would also be provided to get compact accommodation for both the Press Correspondents and their family members who are not availing this concession. In addition, concession of 30% will be increased to 50% for Press Correspondents and permission to travel with spouse at 50% concession will be given for once a year.

65. Now for the student concessions. Students are our pride. The free monthly season tickets for second class travel between school and home for girl students up to graduation and for boy students up to 12th standard will be extended to students attending Madrasa, High Madrasa and senior Madrasa. I am happy to announce extension of concessional monthly season tickets available for students attending school up to Class XII, Madrasa, High Madrasa and senior Madrasa for travel in Metro rail, Kolkata. This would imply concession of 60% for students on the metro fare. Students attending recognized vocational institutions will also enjoy this concession on the metro
fare. I hope this will inspire similar concessions on other metro systems.

Only Ladies Special

66. Madam, the number of working women in our country is increase. They face considerable difficulties in travelling for work. I therefore, announce the introduction of ‘Only Ladies’ EMU train services in Delhi, Chennai and Kolkata suburban on the pattern of Mumbai suburban. These services will run for the convenience of women passengers during office hours.

Train services

67. Yuva Trains: Madam, the young generation is our asset and we are proud of them. Due to economic difficulties poor youth are not able to travel on our trains. I will run “Yuva Trains” dedicated specially for the young generation. These trains will be introduced between major cities to ensure that the youth and low income groups can travel at low rates between these cities. The new low-priced fast train service will be started to connect youth in rural hinterlands to major metros/cities. The train will provide air conditioned seated accommodation and will run from point to point for distances ranging from 1000 km to 2500 km. The fare will be Rs 299 for distances up to 1500 km and Rs 399 for distances up to 2500 km. A weekly service will be introduced as a pilot service within three months in the following sections:
a) Mumbai to Delhi
b) Delhi to Kolkata
If successful it will be extended to other areas of the country.

68. After Izzat, Student and Press concessions, ladies special and yuva trains, I now come to a new train service called Duronto: A new train service by the name ‘Duronto’ with AC and non-AC sleeper will be introduced for non-stop point to point services between select cities throughout the country. For the first time in our history we will introduce nonstop trains Duronto Train services

1. New Delhi-JammuTawi Non stop (Tri-weekly)

2. Howrah- Mumbai (AC) Non stop (Bi-weekly)

3. Mumbai-Ahmedabad (AC) Non stop (Tri-weekly)

4. Chennai- Delhi Non stop (Bi-weekly)

5. New Delhi -Lucknow Non stop (Tri-weekly)

6. Delhi-Pune (AC) Non stop (Bi-weekly)

7. Howarh – Delhi Non stop (Bi-Weekly)

8. New Delhi -Allahabad Non stop (Tri- weekly)

9. Sealdah-New Delhi Non stop (Bi-Weekly)

10. Kolkata-Amritsar Non stop (Bi-weekly)

11. Bhubaneswar – Delhi Non Stop (Weekly)

12. Ernakulam – Delhi Non Stop (Weekly)

Other New Train Services

69. In view of the increasing demand of the passengers, I also propose to introduce the following train services. I am only giving a few trains as was possible in one month’s budget preparation.

a) New Introductions

1. Vishakhapatnam – Secunderabad -Mumbai Superfast (Bi-weekly)

2. Sriganga Nagar- Delhi- Nanded Superfast(Weekly)

3. New Jalpaiguri – Sealdah Superfast (Tri-weekly)

4. Bangalore- Hubli -Solapur Superfast (Tri-weekly)

5. Howrah – Bangalore Superfast (Weekly)

6. Pune- Daund- Solapur Superfast (Daily)

7. Ranchi -Howrah (3 days via Ghatshila- Kharagpur and 3 days via Asansol ) Intercity (6 days a week)

8. Kamakhya – Puri Express (Weekly)

9. Jabalpur -Ambikapur Express (Tri- weekly)

10. Gandhidham- Howrah Superfast (Weekly)

11. Delhi – Sadulpur Express (Tri-weekly)

12. Ajmer-Bhopal Express (by integration of 9655/56 Ajmer- Ratlam and 9303/04
Ratlam – Bhopal express trains) (Daily)

13. Bilaspur – Tirunelveli Jn. (Thiruvananthapuram) Superfast (Weekly)

14. Mumbai – Karwar Superfast (Tri-weekly)

15. Durg- Jaipur Express (Weekly)

16. Dibrugarh Town – Chandigarh Express (Weekly)

17. Delhi – Farakka Express (Bi-weekly)

18. Hazrat Nizammudin -Bangalore Rajdhani Express (Tri-weekly) via Kacheguda

19. New Jalpaiguri – Delhi Express (Bi-weekly) via Barauni

20. Mumbai-Varanasi Superfast (Daily)

21. Mysore- Yesvantpur Express (Daily)

22. Koraput – Rourkela Express (Daily) via Rayagada

23. Agra – Ajmer Intercity Superfast (Daily)

24. Mumbai – Jodhpur – Bikaner Superfast (Bi -weekly)

25. Agra- Lucknow Junction Intercity (Daily)

26. Hapa – Tirunelveli Jn. Superfast (Bi-weekly) via Thiruvananthapuram

27. Gwalior- Bhopal Intercity Express (5 days a week) via Guna

28. Kanyakumari – Rameshwaram Express (Tri-weekly) via Madurai

29. Howrah – Haridwar Superfast (5 days a week)

30. Varanasi- Jammu Tawi Superfast (Daily)

31. Gorakhpur – Mumbai Superfast (Daily)

32. New Delhi – Guwahati Rajdhani Express (Weekly) via Muzaffarpur

33. Veraval – Mumbai Link Service (Daily)

34. Ranchi-Patna Jan Shatabadi Express (Daily)

35. Jhansi – Chhindwara Express (Bi-weekly) via Bina – Bhopal

36. Mumbai – Jodhpur Express (Weekly)

37. Jamalpur- Gaya Passenger (Daily)

38. Jhajha- Patna MEMU (Daily)

39. Kanpur- New Delhi Shatabdi Express (6 days a week)

40. Bhopal – Lucknow – Pratapgarh Superfast (Weekly)

41. Lucknow- Rae Bareli -Bangalore Superfast (Weekly)

42. Shimoga- Bangalore Intercity Express (Daily)

43. Madurai – Chennai Express (Bi- Weekly)

44. Guwahati – New Cooch Behar Express Intercity (Daily)

45. Balurghat – New Jalpaiguri Express (Daily) via Kishanganj

46. Alipurduar – New Jalpaiguri Express Intercity (Daily) via Siliguri

47. Dharmanagar- Agartala Fast Passenger (Daily)

48. Rewari – Phulera Passenger (Daily) via Ringus

49. Shoranur – Nilambur Road Passenger (Daily)

50. Coimbatore- Shoranur Passenger (Daily)

51. Mathura – Kasganj Passenger (Daily)

52. Farakka- Katwa – Azimganj – Nawadwip DhamExpress (Daily)

53. Bangalore – Kochuveli Superfast (Weekly)

54. Kolkata-Rampurhat Express (Daily)

55. New Jalpaiguri-Digha Express (Weekly)

56. Purulia-Howrah Express (Bi-weekly)

57. Kolkata-Bikaner Express (Weekly) via Nagore

b) Extension of Trains

1 6517/6518 Bangalore-Mangalore to Kannur (Daily)

2 329/330 Andal- Sainthia to Rampur haat (Daily)

3 1105/06 Jhansi-Barrackpore to Kolkata (Weekly)

4 6787/6788 Madurai-Jammu Tawi to Tirunelveli (Weekly)

5 7013/7014 Hyderabad-Usmanabad to Pune (Tri- weekly)

6 2075/2076 Thiruvananthapuram – Ernakulam to Kozhikode (Daily)

7 213/214 Mysore-Tirupati to Chamraj Nagar (Daily)

8 2329/2330 Sealdah – New Delhi to Amritsar (Weekly)

9 5761/5762 Ranchi- Alipurduar to Guwahati (Bi-weekly)

10 9269/9270 Porbandar -Bapudham Motihari to Muzaffarpur (Bi-weekly)

11 1471/1472 Jabalpur – Bhopal Express to Indore (Daily)

12 6885/6886 Ernakulam – Tiruchchirappalli to Nagore (Daily)

13 2177/2178 Howrah- Agra Cantt Chambal Express Mathura (Weekly)

14 3113/3114 Kolkata – Murshidabad Hazarduari Express to Lalgola
(Daily)

15 2993/2994 Mumbai- Jaipur Express to Delhi (Tri-weekly)

16 2555/2556 Gorakhpur- Bhiwani to Hissar (Daily)

17 2685/2686 Mangalore- Chennai to Puducherry (Weekly)

18 2143/2144 Nagpur – Gaya Deekshabhoomi Express to Chhatarpati Sahuji Maharaj terminal Kolhapur on one side and to Dhanbad on the other side (Weekly)

19 2725/2726 Banglore – Hubli Intercity to Dharwar (Daily)

20 8425/8426 Raipur – Bhubaneswar to Puri (Daily)

21 8413/8414 Paradeep – Bhubaneswar to Puri (Daily)

22 8415/8416 Puri – Kendujhargarh to Barbil (Daily)

23 2173/2174 Mumbai -Kanpur Udyog Nagari Express to Pratapgarh (Bi-
Weekly)

24 1PR/2PR Pratapgarh -Rae Bareli Passenger to Lucknow (Daily)

25 2821/2822 Howrah-Bhubaneswar Dhauli Express to Puri (Daily)

26 4227/4228 Varanasi – Lucknow to Kanpur (Daily)

27 2985/2986 Sealdah – Jaipur to Ajmer (Daily)

c) Increase in Frequency

1 2685/2686 Chennai- Mangalore from 3 days to daily

2 2423/2424 New Delhi- Guwahati Rajdhani Express from 5 days to 6 days

3 2443/2444 New Delhi- Bhubaneswar Rajdhani Express from 2 days to 4 days

4 7091/7092 Secunderabad -Patna from 2 days to daily

5 2739/2740 Secunderabad – Vishakapatnam Express from 4 days to daily

6 2111/2112 Amravati-Mumbai Express from 3 days to daily

7 2957/2958 Ahmedabad – New Delhi Rajdhani Express from 6 days to daily

8 2149/2150 Pune – Patna Express from 4 days to daily

9 2487/2488 Jogbani- Delhi Express from 5 days to daily

10 2823/2824 Nizammudin-Durg Chhatisgarh Sampark Kranti from 2 days
to 3 days

11 2985/2986 Sealdah- Jaipur Express from 2 days to daily

12 2905/2906 Porbander – Howrah (via Hapa) from 2 days to 3 days

13 4207/4208 Delhi – Pratapgarh Padmavat Express from 3 days to daily
International Co-operation

70. Both India and Bangladesh, on account of their shared history, have the advantage of vast and strategically linked rail network. Apart from interchange of freight trains, a passenger train called Maitree Express is also running between Kolkata and Dhaka since April 2008. In view of demand of passengers it has been agreed between two countries to reduce travel time and change the days of running. India and Bangladesh are also in the process of enhancing cooperation in the railway sector including development of railway infrastructure in Bangladesh.

Annual Plan 2009-10

71. Madam, the annual plan outlays of the Railways are a harbinger of economic stimulus for the country, the crying need of the hour. Reviewing the interim budget projection of Rs 37,905 cr for the Annual Plan 2009-10, within a few days of my taking charge, I was surprised to find that there was a provision of Rs 3400 cr for resource mobilization through PPP, of which Rs 3300 cr would just not materialize. This would imply a straight reduction in the Annual Plan to a level below the actual expenditure in 2008-09. I also learnt that the Railways had received less than their proportionate share of Gross Budgetary Support (GBS), as per the XI plan provisions. I immediately took up the matter with the Finance Minister and am happy to say that we received an increase of Rs 5000 cr as budgetary support, over and above the Rs 10,800 cr committed in the interim budget. This has enabled the Railways to step up the plan allocation to Rs 40,745 cr even after non inclusion of the provision of Rs 3300 cr for PPP on account of projects like station modernization, new locomotive plants as joint venture etc.

72. I am happy to inform the house that against all challenges and odds, the Railways will be able to deploy internal resources at Rs 15,675 cr. Market borrowing has been stepped up to Rs 9170 cr to support the higher requirement of rolling stock. The house will also be happy to know that Finance Ministry has approved issue of tax free bonds by IRFC, for the first time, after a gap of several years.

73. I would like to share with the House a few important highlights of the plan allocations. In support of the numerous demands I receive from my colleagues in the Parliament and States, I have increased the allocation for New Lines from Rs 1100 cr in the interim budget to Rs 2921 cr. The provision for Gauge Conversion is Rs 1750 cr, an increase of 24% over the interim budget. In view of the pressure on internal resources, all Gauge Conversion, Doubling and Railway Electrification works have been transferred to Capital.

74. The interim budget provision for Passenger Amenities was only Rs 502 cr, after excluding the provision for Public Private Partnership. I am extremely happy to inform that the outlay has now been increased to Rs 1102 cr, excluding PPP, which is an increase of 119%.

75. Madam, Railway men and women toil round the clock, facing a multitude of adversities to serve this nation and run nearly 17,800 trains every day. We need to address their basic needs. I am increasing the allocation for Staff Quarters to Rs 335 cr, an increase of 49% on the interim budget. Allocation for Staff Amenities is being increased to Rs 424 cr an increase of 79% on the interim budget.

76. Additional Funds to the tune of Rs 1949 cr have been sought from Ministry of Finance for National Projects of Udhampur-Srinagar-Baramulla, Jiribam-Imphal Road, Dimapur-Kohima, Azra-Byrnihat, Kumarghat-Agartala, Bhairabi-Sairong, Agartala – Sabrum and Sivok – Rangpo new lines, Bogibeel Rail-cum Road Bridge, Lumding-Silchar-Jiribam and Rangia-Murkongselek gauge conversion.

Urban Transport Services

77. Thane-Turbhe-Nerul-Vashi: With the completion of Turbhe-Nerul section (4.80 km), Thane-Turbhe-Nerul-Vashi project stands completed, facilitating running of direct trains between Thane and Nerul.

78. Mumbai Urban Transport Project (MUTP) Phase-II: MUTP Phase-II sanctioned in the Budget 2008-09 at a cost of Rs.5300 crore is under implementation. Pre-feasibility study for Mumbai Elevated Rail Corridor (Churchgate -Virar) to supplement the densely loaded and intensively utilized existing suburban system for Mumbai, is in progress.

79. The Rail based suburban services i.e. Metro Railway, Circular Railway and EMU services are the life line of the cities of Mumbai, Kolkata, and Chennai. Even after augmenting the capacity of the existing EMU trains by way of additional coaches and introduction of additional services, the rail based suburban system will not be able to meet the demand of the ever increasing population and do not provide rail based transport from origin to destination to the commuters. There is a perceived need to provide an energy efficient rail based system as a feeder route connectivity to the existing Metro/Circular Railway/EMU suburban system in these cities. Therefore, I am happy to announce a feasibility study for introduction of energy efficient rail based system for providing connectivity to existing suburban system in the most efficient economic way in Kolkata, Mumbai and Chennai.

80. Kolkata has a unique distinction of having a circular railway and metro under the Indian Railways. Howrah having been declared as a world class station, there is a need to segregate the suburban services to accommodate upgraded facilities. In this context, decongestion of Howrah by shifting suburban services to Saltgola will also be undertaken. For better integration, we plan to undertake the following works:

a) Dakshineshwar – Dum Dum – Barrackpore metro extenstion

b) Development of terminal at Majerhat

c) Majerhat-Diamond harbour via Joka

d) Majerhat to Diamond Harbour including Khidirpur- Garden Reach-Budge
Budge

e) Dumdum to Garia via Rajarhat

f) Dumdum to Barasat metro extension

g) Park Circus to Bantala

81. Madam, the new rail line from Anantnag to Baramulla in Kashmir Valley has already been completed. Further, Quazigund-Anantnag line will be completed by August 09 and will be inaugurated soon. The work on the J&K project has got a setback as difficulties have been faced on part of the line from Udhampur to Katra and Katra to Quazigund.

82. The alignment on Katra-Quazigund section has been under review and an Expert Committee appointed to study the issues involved has recently submitted its report. Madam, my foremost concern is the safety of the passengers. Therefore the decision in this project has to be made very carefully. I will review the matter soon and see how quickly this section of the national project can be taken up for completion.

83. Madam, the Northeast region is very sensitive and its projects are in progress for providing connectivity to state capitals of Arunachal Pradesh, Nagaland, Manipur and Mizoram. In recognition of this, ten rail projects in this region have been declared as National projects, including projects like Bogibeel rail cum road bridge and gauge conversion of Lumding-Silchar-Jiribam, Rangia-Murkongselek. The construction of national project in Sikkim from Sivok to Rangpo is proposed to be entrusted to IRCON for time bound completion. The surveys for new lines connecting Gangtok and Shillong have been completed and the proposals would be further processed for necessary clearances. A proposal for creation of Northeast Region Rail Development Fund has already been initiated to ensure necessary funds for timely completion of National Projects in the region.

84. The work of Lumding-Silchar gauge conversion is getting adversely affected due to adverse law and order conditions in the area. The matter has been taken up with the concerned authorities for providing necessary security so that the work could progress smoothly.

85. I am going to entrust responsibility for monitoring all national projects to a senior officer so that there is strict adherence to time schedules for completion.

New Lines

86. Madam, target of 250 km has been fixed for construction of new lines in 2009-2010. Some prominent sections are as follows:

1. Ghoramara-Dumka of Deogarh-Dumka

2. Bishnupur-Gokulnagar of Tarakeshwar-Bishnupur

3. Lanjigarh-Bhawanipatna of Lanjigarh-Junagarh

4. Quazigund-Anantnag of Udhampur-Baramulla

5. Rewari-Jhajjar of Rewari-Rohtak

6. Kottur-Harihar

7. Churaru Takrala-Amb Andaura of Nangal Dam-Talwara
Gauge Conversion

87. During 2009-2010, a target of completion of gauge conversion of about 1300 km has been fixed including the following sections:

1. Pandharpur-Miraj of Miraj-Latur

2. Saharsa-Dauram Madhepura of Mansi-Saharsa- Purnea

3. Sitamarhi-Bairgania of Jaynagar-Narkatiaganj

4. Parlakimidi-Gunupur of Naupada-Gunupur

5. Mathura-Achnera

6. Aunrihar-Jaunpur

7. Fakiragram-Dhubri

8. Ratangarh-Degana of Sadulpur-Bikaner-Degana

9. Madanapalle Road -Dharamavaram of Dharmavaram-Pakala

10. Quilon-Punnalur

11. Baripada-Bangriposi of Rupsa-Bangriposi

12. Daboi-Chhota Udepur of Pratapnagar-Chhota Udepur

13. Wansjaliya-Jetalsar

14. Ajmer-Phulera

15. Bhildi-Samdari

16. Haibargaon-Mairabari

17. Vellore-Villupuram

Doubling

88. During 2008-09, 363 km of doublings were constructed whereas for 2009-10, target for doubling of 700 km has been fixed. The work of doublings of Phaphamau-Allahabad, Mansa-Bhatinda, Ghutiarisharif-Canning, Dakshin Barasat-Lakshmikantapur, Lohta-Badhoi, Jirat-Ambika Kalna, Magrahat-Diamond Harbour, Yesvantpur-Yelahanka, Yelahanka-Chennasandra, Brundamal-Jharsuguda Flyover, Gandhidham-Adipur, Gandhidham-Kandla Port and Nalikul-Tarakeshwar have been proposed in the Budget.

89. Madam, in this budget time for preparation has been very short. Being an election year, expectations are very high. There has not been enough time to process cases for approvals of Planning Commission. However, we will shortly be sending the major projects for necessary approvals. However, the House will appreciate that “Small is Beautiful”. Therefore, in order to continue the pace of creation of infrastructure, I propose to process the following rail connectivity proposals.

a) New Lines:

1. Shahganj-Unchahar via Sultanpur, Amethi, Salon

2. Bongaon-Bagdaha

3. Banspani-Bimalgarh-Barsuan

4. Dankuni-Jorgalpara-Furfura Sharif-Jangipara-Bargachia

5. Chikballapur-Sri Satya Sai Prashanthi Nilayam

6. Balurghat-Hilly

7. Alamatti-Koppal

8. Salboni-Jhargram via Lalgarh, Belpahari

9. Bolangir-Nawapara Road

10. Digha-Jaleswar-Puri

11. Yadgir-Shahapur-Shorapur-Muddebihal-Alamatti

12. Bishnupur-Mukutmonipur

13. Gadag-Haveri

14. Samsi-Dalkhola

15. Krishnanagar-Beharampore via Chapra, Karimpur

16. Gadag-Wadi

17. Tarakeshwar-Magra restoration

18. Shimoga-Harihar

19. Kaliyaganj-Buniadpur

20. Madhuban-Giridih

21. Panskura-Ghatal-Chandrakona and Ghatal-Arambagh

22. Anekal Road-Bidadi

23. Namkhana-Bakkhali

24. Pune-Nasik

25. Joynagar-Raidigi

26. Rajkharswan-Ranchi

27. Hasnabad-Samshernagar

28. Medak-Akkanapet

29. Arambagh-Khana

30. Dantewara-Malkangiri

31. Canning-Gosaba via Basanti

32. Vishnupuram-Venukonda

33. Kakdweep-Sagar-Kapilmuni

34. Dullabcherra-Cheraji

35. Mandir Bazar-Ramganga

36. Sambalpur-Behrampur

37. Chalsha-Jhaldhaka

38. Madurai-Ernakulam (Cochin)

39. Ghatakpukur-Minakhan

40. Bilara-Bar

41. Baruipara-Furfura Sharif-Arambagh

42. Ratlam-Banswara-Dungarpur

43. Krishnanagar-Nabadwipghat extension to BB loop

44. Ramnagar – Chaukhutiya

45. Machhlandpur-Swarupnagar

46. Erumeli-Pathanamthitta-Punalur-Thiruvananthapuram

47. Ajmer-Sawaimadhopur via Tonk

48. Sainthia-Chowrigacha via Kandi

49. Yamuna Nagar-Chandigarh via Sadhaura, Naraingarh

50. Nanded-Bidar

51. Singur-Nandigram

52. Dabwali-Kalanwali via Sirsa

53. Mirik-Gangtok

b) Gauge Conversion

1. Chhindwara-Nainpur-Mandla Fort

2. Ahmedpur-Katwa

3. Nagbhir-Nagpur

c) Doubling

1. Tala-Princepghat-Majerhat

2. Secunderabad-Mahboobnagar

3. Sahibganj-Bhagalpur

4. Mokama-Ara

5. Rampurhat-Ghumani 3rd Line

6. Rewari-Hissar

7. Dankuni-Bally 3rd line

8. Bibinagar-Nallapadu

9. Krishnanagar-Lalgola

10. Rajkot-Viramgam

11. Bandel-Saktigarh 3rd line

12. Jhansi-Kanpur

Railway Electrification

90. The target for electrification during XI Plan is 3500 Route Kilometers with an outlay of Rs.3500 crores. In the first two years of XI Plan, 1299 RKMs has been electrified. Survey for electrification will be carried out for

1. Jaipur – Sawaimadhopur

2. Khana – Farakka Phase I upto Rampurhat

3. Guntakal – Guty – Bangalore

91. There have been demands from various quarters for making the Tatkal Scheme more user-friendly. I have decided to do just that. The period of advance booking under the Tatkal Scheme will be reduced from 5 days to 2 days, Tatkal tickets will be made available destination-wise instead of from end to end thereby reducing the financial burden on passengers. Tatkal charges will now be levied as a percentage of the fare subject to a minimum of Rs.100 instead of minimum of Rs.150 at present.

92. Madam, there are considerable delays in project execution and implementation by the Railways. All the initiatives indicated in the Budget and the projects taken in hand would have to be strictly monitored for implementation in line with fixed target dates. I propose to develop a project monitoring mechanism by setting up a project monitoring committee, so that time lines are strictly adhered to and there is no slippage in project delivery. With this, I hope to achieve substantial savings in cost associated with faulty
planning and time over runs.

93. Madam, I am deeply conscious of the need to bring about a perceptible improvement in the travel experience of our passengers. Through this Budget, I am committed to several initiatives which I hope will bring highest satisfaction to the travelling public. I am also aware that the recession in the economy has caused much economic burden among the poorer section of our society. Therefore, I do not propose any increase in the passenger fares of any class or category of trains. Similarly, I do not intend to increase freight tariffs.

94. Before I conclude, I would humbly submit to the House that I have had an extremely short time to prepare and present this Budget, in view of the election year. Therefore in the limited time, I have tried my best to cover the major facets of Railways. However I would like to inform the House that I will frame a suitable strategy and road map for the coming years. I propose to take concrete steps to make Indian Railways a strong, responsive and vibrant organization, with higher levels of capability and effectiveness. I would like to assure the House that Railways will come out with a ‘White Paper’ indicating its present organizational, operational and financial status based on its performance in the last 5 years and develop a Vision 2020 along with short
terms and long terms strategy and plan of action to realise it.

95. I draw strength from these words of Gurudev; “And it shall be my endeavour to reveal thee in my actions, Knowing it is thy power gives me strength to act”.

96. Madam, everyone likes to live life in a humane manner. The Railways is an organization with twin responsibilities – commercial and social. It will be our endeavour to render all commercial services with a human face. Here I would like to quote a couplet. Roshni chaand se hoti hai sitaron se nahin, Kamyabi manvikta se hoti hai, zulm se nahin”.

97. Madam, with these words I commend the Railway Budget 2009-10 to the
House.

Photographer on Jackson rehearsals

slumdogbroker — Wed, 01 Jul 2009 03:57:12 +0000

Renowned rock photographer Kevin Mazur was at Michael Jackson’s final tour rehearsal in Los Angeles last week.

Several images from the practice runs have now been released, showing the star dancing and smiling against large neon letters reading “This Is It”.

INTERVIEW

How much of the rehearsal did you see?

I was there for a couple of days. I was there on the first day when they built the stage, and I took photographs of the dancers and the back-up singers for the tour book. Then, the next day I was taking casual shots of the band and the dancers rehearsing when Michael arrived.

I was like an expectant father waiting for him to take to the stage, I was so excited. And when he came out, I was even more excited because Michael was back.

He was happy, he was energetic, he was full of life. I had such an adrenaline rush. It was like the first time I had photographed him, when he moonwalked.

People were saying he wasn’t ready, and the first shows had been pushed back because of his health. Did you see any evidence of that?

A photo tells a story. Michael was physically fit and performing the same way that I photographed him through the years. You can look at the photos. I documented it, I was there.

So how did you feel when, four days later, you were told he had died?

I was so shocked, because from what I saw on Tuesday night, he was full of energy and full of life. I couldn’t wait to see this show at the O2 arena with all the fans there.

How much of the production did you see? Were there any big surprises?

There were still certain elements that they had to put into place, but I saw them rehearse about a dozen songs. And Michael never stopped. He worked right through. He did 12 songs and he only paused a couple of times to tweak some stuff with the music and a little bit of the choreography.

They had a screen that ran the full length of the main stage and was maybe about 50 feet high. And, supposedly, I heard they were doing some 3D things. I’ve been shooting shows for 25 years and I’d never seen anything like that before. I was very curious to see how it would all come together.

The series of 50 concerts was due to begin in London on 13 July

So you could say the concert was really in the final stages of preparation – with all the individual songs coming together into a coherent show?

Yes, well… Everything was pretty much staged and built. There were certain things they were still waiting to get – they had chandeliers they were going to put into the set. But musically and dancing-wise, I got to see it all. But I didn’t get to see things like aerial lifts and a few other elements in the show.

And when Michael was done rehearsing, he and Kenny Ortega [choreographer and show producer] went off the stage and they were looking at a bunch of props they had for Thriller and they had a puppeteer using zombie-type creatures that were going to go through the audience. It looked really, really cool.

This was going to be like no show anyone had ever seen.

The picture that has gone around the world today is of Michael in a grey suit, pointing into the centre of the auditorium. What do you remember much about that shot?

That might have been Black Or White – but I don’t remember. It’s so hard for me to keep track of the songs while I’m shooting, because it’s such an adrenalin rush for me. I’m just too excited, and I’m juggling round numerous cameras. But I do know this, it was magical.

There are rumours today that the rehearsals had been filmed and that segments of the concert will be released as a tribute. Were you aware of that?

Not specifically – but everything was documented. That’s why I was there. I was there to keep a record photographically, and they also had videographers. He’s Michael Jackson and, as you know, he documents everything.

Tech Mahindra wins bid for Satyam

slumdogbroker — Mon, 13 Apr 2009 10:20:30 +0000

Tech Mahindra has won the bid for Satyam Computer Services. The long-drawn race finally drew to a close as it was confirmed that Tech Mahindra bid for Satyam at Rs 58 per share, while Larsen & Toubro, the other player in the fray, bid at Rs 49.50 per share.

Tech Mahindra’s formalities

Tech Mahindra will have to pay Rs 1757 crore (USD 351 million) for 31% at Rs 58 per share, whereas for the total 51% stake the company will have to pay Rs 2,890 crore. The company will make an open offer at Rs 58 per share. American Depository Share (ADS) holders are expected to be able to take part in the open offer. The announcement of the open offer will happen within four working days of the Company Law Board (CLB) approval. Tech Mahindra will issue a public offer within 55 days of public announcement. The CLB said it will respond within 24 hours of Satyam filing affidavit. Satyam will now have a market capitalization of Rs 5,666 crore on expanded equity.

‘Tech Mah has sufficient funding’

Sources in Tech Mahindra said there were no second thoughts on Satyam bid yet. The board meeting will happen on Sunday to consider the bid price. Sources further stated that there is no decision yet on partnering with private equity (PE) firms. The company has offers from two PE firms for the joint bid. Sources also said that the company has sufficient funding to bid alone.

BJP sets out India poll manifesto

slumdogbroker — Fri, 03 Apr 2009 09:55:21 +0000

India’s main opposition Bharatiya Janata Party (BJP) has released its election manifesto which includes a number of key financial pledges.

It says it will retrieve Indian money illegally gained and stashed abroad and will also raise the income tax limit.

The BJP said it would also build a million houses for the poor every year and reduce interest rates to make urban housing affordable.

The BJP’s main rival is the governing Congress party.

It released its manifesto last week, appealing for a return to power so it can continue to push economic growth.

The general election will be held in five phases. Polling to elect the new Lok Sabha (lower house) begins on 16 April and runs to 13 May. Counting is due on 16 May.

Nearly four million officials will conduct the elections and 714 million voters are eligible to cast ballots.

‘Three promises’

“You will see that this is not a routine programme. We are promising only what we can deliver,” the BJP’s prime ministerial candidate LK Advani said at the release of the manifesto.

“We are promising three things – good governance, economic development and security for all,” he said.

More than 700 million can vote in the world’s most populous democracy

Highlighting the main points of the manifesto, BJP spokesman Ravi Shankar Prasad said that all families living below the poverty line would be given 35kg of rice at two rupees a kg every month.

If elected to power, the party said those earning 300,000 rupees a year ($6,000 approximately) would not have to pay any income taxes.

For women and the elderly (those above 60 years), the limit would be 350,000 rupees ($7,000).

The manifesto says the BJP will identify and retrieve billions of dollars of illegally gained Indian money stashed abroad.

The manifesto promises better road connectivity for villages and the creation of jobs in rural areas.

The party also promises a tougher anti-terror law. India has seen several militant attacks across the country in recent years.

The manifesto says the BJP will secure the 4,000km-long coast line of India. The perpetrators of last November’s deadly Mumbai (Bombay) attacks are believed to have come via the sea route.

The party, which has often accused Congress of running a soft government, said it would deal strongly with Maoist rebels who were fighting for a communist state in parts of India.

The BJP said it was also committed to building a temple to Hindu god Ram in the northern town of Ayodhya.

In 1992, Hindu hardliners demolished the Babri mosque saying it was built on a temple.

The demolition of the mosque sparked Hindu-Muslim riots in which more than 2,000 people were killed across India

The Congress manifesto Highlights ELECTION 2009-INDIA

slumdogbroker — Fri, 03 Apr 2009 09:43:16 +0000

The Congress manifesto Highlights

** 25 kg wheat or rice for Rs.3 per kg

** Maximum possible security to each and every citizen

** Highest level of defence preparedness and also take further steps for the welfare of the defence forces and their families

** Acceleration in the process of police reforms

** To take the National Rural Employment Guarantee Programme forward

** Enactment of a National Food Security Act

** Health security for all under Rashtriya Swasthya Bima Yojana

** Comprehensive social security to those at special risk

** Implementation of a nation-wide skill development programme

** Expand schemes for improving well-being of farmers and their families

** Democratised and professionalised functioning of cooperatives

** Greater impetus to the empowerment of weaker sections of society.

** Elected panchayat institutions to be made financially strong

** Connect all villages to a broadband network in three years time

** Give special focus to the small entrepreneur and to small and medium enterprises

** Maintain the path of high growth with fiscal prudence and low inflation

** Introduce the goods and services tax from April 1, 2010.

** A completely new look to urban governance

** A new deal to our youth to participate in governance

** Protection of India’s natural environment and steps to rejuvenate it

** A massive renewal of science and technology infrastructure

** To pursue judicial reforms to cut delays in courts

** To continue to be sensitive to regional aspirations

** Energy security for the country

** To pursue an independent, pro-India foreign policy

** To intensify the involvement of overseas Indians in development