New Delhi, Apr 4: After focusing on boosting freight traffics and taking innovative steps, the Indian Railways is estimated to have recorded an all-time high revenue of Rs 1.68 Lakh crore in the financial year 2016-17. As per the estimates, the Railways has also surpassed the target of 1,094 billion tonnes of cargo for the fiscal year 2017 and around 1.107 billion tonnes of cargo is been recorded on March 31.
Addressing the media, Railways Minister Suresh Prabhu said that after a remarkable performance in the year 2016-17 the Railway Ministry has set a new target for the current fiscal year. Prabhu added that the high revenue will play an important role in bringing the railways to the track and with the aim of continuing the remarkable performance, the target set for the fiscal year 2017-18 is 1.2 billion tonnes.
Compared to the performance of the Railways in the year 2015-16, the passenger segment is been estimated to post a revenue of Rs 48,000 crore compared to Rs 46,000 crore. In the freight revenue, compared to the revenue of Rs 1,04 lakh crore in 2015-16, the 2016-17 freight revenue is estimated to be Rs 1.09 lakh crore. (Also Read- Digital India PCO: Indian Railways to set up Wi-Fi hotspot kiosks at 500 stations)
Addressing the media on the revenue estimates of Railways, Suresh Prabhu said that, “Despite the most challenging environment, we have done very well. Various policy interventions at times when we could foresee slump in demand were taken, which were pivotal in bringing back the traffic.” The minister further said that “We have put in place the necessary infrastructure. There’s availability of rakes and demand from various commodities is already seeing an uptick. The various freight reforms we introduced in last fiscal will show a major impact now.”
According to experts, Prime Minister Narendra Modi’s demonetisation drive played a huge role in boosting the railways’ revenue as people were allowed to use the scrapped currency in the railways to book tickets.