Ahead of the Budget, cash-starved Railways have turned to the public to get some ideas for cutting its expenditure. The Railway Ministry has specifically asked as to how the fuel cost can be cut.
Suggestions have been invited through its official website. In its appeal to the general public, it has asked for suggestions regarding reducing the purchase cost of fuel.
The ministry has also asked for suggestions on issues such as reduction in other expenditure. It has also invited suggestions to increase revenue/new revenue streams for the Indian Railways. The invitation for suggestions to cut in purchase cost of fuel is significant in the wake of decrease in fuel prices in the international market.
The decrease in diesel prices will reduce the fuel cost component in passenger fare and the mechanism for determining the fuel component may force the Railways into making a downward revision. According to railway sources, downward revision in passenger fare is not on the cards.
However, a senior official clarified that important suggestions may come from trade bodies and other institutional stakeholders.
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