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Railway Minister Suresh Prabhu on 25 February 2016 presented the Railway Budget 2016-17 in the Lok Sabha. In his second Rail Budget, Prabhu outlined a capital plan of 121000 crore rupees in 2016-17. A saving of 8720 crore rupees for Budget estimates of 2015-16 will be effected in 2016. Theme of the Budget is Overcoming challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar Kuch Naya Karen’. Railway Budget of 2016-17 is based on three pillars and they are Nav Arjan (New Revenues), Nav Manak (New Norms) and New Sanrachna (New Structures). Nav Arjan (New Revenues) It exploits new sources of revenue so that every asset, tangible or non-tangible gets optimally monetized. New Manak (New Norms) A Zero Budgeting approach to the financials of the ensuring year, improvement in efficiency yardsticks and procurement practices to bring them in line with international best practices Nav Sanrachna (New Structures) Need to re-imagine the conventional ways of solving issues like co-operation, collaboration and communication, creativity and communication to the hallmark of decision-making and actions Highlights:
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