On Tuesday, Railway Minister Ashwini Vaishnaw stated that the Railways provides a discount of 55% to its customers and spent Rs 62,000 crore on the subsidy last year.
PTI
August 23, 2022 / 05:00 PM IST
RITES: RITES Q1 profit jumps 86% YoY to Rs 145 crore, revenue grows 69% to Rs 637 crore. The transport infrastructure consultancy and engineering firm recorded a 85.8% YoY increase in profit at Rs 145 crore for the quarter ended June 2022 and revenue grew by 68.8% to Rs 637 crore during the same period. RITES declared interim dividend of Rs 4 per share.
Railway Minister Ashwini Vaishnaw on Tuesday said that the Railways gives a concession of 55 per cent to its passengers and last year spent Rs 62,000 crore on the subsidy. The minister, who arrived here on Tuesday on a two-day visit, said: “If the expenditure of the Railways is Rs 100, then only Rs 45 is charged from the passengers.”
Last year, Railways gave a total subsidy of Rs 62,000 crore to different categories of passengers, he said. Asked about any plans for new trains, Vaishnaw said there are under construction EMU trains, which are being built on the lines of the metro, which do not have an engine, but are powered from the second or the third coach.
The same arrangement will be made in main line EMU trains also, he said. Vaishnaw, who is also the Minister for Communications, said that the 5G service of Bharat Sanchar Nigam Limited (BSNL) will start in October.
The service is targeted to be launched in five major cities of the country in the next 500 days, he said. Vaishnaw said that the government has given Rs 1.64 lakh crore to strengthen BSNL, which has been asked to focus completely on customers.
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