Terming the interim Railway Budget as forward looking, Federation of Indian Chambers of Commerce and Industry on Friday said the new initiatives will help the economy and generate employment.

Interim Railway Budget 2004-05

"The initiatives taken by the railway minister in the interim Railway Budget are commendable. It is heartening that the operating efficiency of Railways has resulted in lower expenses, leaving additional resources with the minister which can be passed on to the consumer in form of betterment of railway services and higher railway safety," Ficci president Y K Modi said.

Modi commended the innovative customer focused services such as e-ticketing and train reservations through mobile phones and introduction of 17 new trains in order to establish better connectivity between the states and the national capital.

The chamber said the programme for execution and completion of railway projects in remote and backward areas is a step in the right direction and will create large employment opportunities as well as help the economy.

This will hasten the process of development of backward and remote areas and generate demand for manufactured goods, a Ficci release said.