Slamming opposition NDA for its criticism, Railway Minister Lalu Prasad on Wednesday said the 2008-09 Railway Budget should not be termed as election oriented but a "historic" one, which resulted in buoyancy in the stock market.

"No, no it is not an election express. We have presented a Budget, which received widespread appreciation from the world and trade and industries' masters. It has led to buoyancy in the stock market and the sensex has risen further," Prasad told a press conference in Patna.

Hitting back at the NDA leaders for criticising the Budget, Prasad said, "it has not disappointed the masses but my political opponents as they are jealous of my abilities".

To buttress his points against the Budget being seen as an exercise keeping an eye on elections, the Railway Minister said this was for bettering the health of railways and the process has been continuing ever since he took over the charge of the Ministry.

"It was our -- all those working for railways -- sincere, collective and untiring effort which brought it out from the red," he claimed.

Had it been an exercise aimed at election, "this type of glorious history for railways would not have been scripted," Prasad said.

"I am a happy man now as I have proved to be a successful Minister of Railway the responsibility of which I was unwilling to take up initially," Prasad said.

Turning to his political rival Chief Minister Nitish Kumar, who led the NDA to victory in Bihar ending the 15-year-rule of the Lalu Prasad-Rabri Devi duo in November 2005, Prasad said, "Kumar proved to be a flop Railway Minister".

"The financial health of Indian railways was ruined and it was on the verge of bankruptcy when Kumar was holding charge," Prasad said.

The retrenchment of employees had begun and fresh recruitment barred when NDA was at power in Centre, he said. The Railways was finding it difficult to pay dividends to the Central government and instead banking on its financial support during the previous regime, he said continuing his tirade at the NDA.

The Rakesh Mohan Committee, constituted at that time to go into the financial health of the railways, had opined that keeping in mind the condition of the railways at that time, it would be difficult for it to survive in next 25 years, Prasad claimed.

"I took over the responsibilities of the Railways under pressure as initially I was reluctant for the same and reviewed the situation and started taking special measures for saving the golden bird (railways)," he said.

"I am now proud that the railways has huge cash surplus and it does not have to depend on central support."

"After earning successive profits during the past four years, we expect that the railways would have cash surplus to the tune of over Rs 65,000 crore (Rs 650 billion) by end of the next fiscal," Prasad said.

Railway Budget: 2008-09