Railways to pile Rs 1,00,000 cr surplus: Lalu

Set to gather further steam in the next one year with a huge surplus of Rs 1,00,000 crore (Rs 1,000 billion), Indian Railways will begin the much-awaited Kolkata-Dhaka service from April 14.

"In a historic decision, we have decided that the Kolkata-Dhaka train service would begin from the Bengali New Year (April 14)," Railway Minister Lalu Prasad Yadav said replying to a debate on the Railway Budget 2008-09 which was passed by the Lok Sabha.

Hitting out at the previous National Democratic Alliance government for poor performance of the railways and inability to pay even Rs 2,473 crore (Rs 24.73 billion) dividend, the minister said when the United Progressive Alliance government completes its term next year the Railways would have a total surplus of about Rs 1,00,000 crore. It has already generated a surplus of Rs 69,000 crore (Rs 690 billion) in the past four years.

"We are not dependent any more on the finance ministry or the government for money as we have our own resources" Prasad said winding up a marathon debate.

He said Indian Railways which has reached number three position in the world would aspire to occupy the number one slot in the near future.

The minister said tendering process for the ambitious dedicated freight corridors is over and the work on the projects would begin soon.

Prasad said resources for the projects was no more an issue. "Irrespective of funding from foreign institutions, Railways has decided to go ahead with the East and West DFCs," he said.