Union Railway Ministry to set up Rs 1 lakh crore Rashtriya Rail Sanraksha Kosh
The Union Railway Ministry has decided to create a 1 lakh crore rupees safety fund named Rashtriya Rail Sanraksha Kosh to strengthen safety measures on the rail network to prevent accidents.
It was announced by Union Railway Minister Suresh Prabhu in the Lok Sabha while replying to a debate on Demands for Grants for Railways for 2016-17.
In this regard Union Railway Ministry has forwarded a proposal to the Union Finance Ministry for approval.
- The Rashtriya Rail Sanraksha Kosh will be a non-lapsable fund which will be utilised for safety measures.
- The fund will help Indian Railways to accomplish its zero-accident mission by strengthening the safety measures on the rail network in a comprehensive way.
- Under this fund, envisaged works like track renewal and upgradation, bridge rehabilitation, elimination of level-crossings, construction of road over bridges/road under bridges will be under taken.
- It will be also used for replacement and improvement of signalling system, improvement and upgradation of rolling stock, replacement of electrical assets and human resource development.