MUMBAI - In his last budget presentation before an election year, Railways Minister Lalu Prasad Yadav didn't disappoint those hoping for populist measures, as he cut passenger fares on all classes and reduced freight rates on gasoline and diesel.
Passenger fares were cut by 5%-7%, while freight rates to transport gasoline and diesel were lowered by 5%. Yadav also unveiled a $9.39 billion spending plan for the next financial year, starting in April. Some of the money allotted will go toward upgrading technology systems in the railways and building freight lines for iron ore and coal. Yadav also plans to introduce 63 new passenger trains and some 15,000 new freight cars. The budget included a proposal to set up a network of 20,000 kilometers (12,500 miles) of high-speed rail corridors across the nation over the coming years.
