Railways gets highest-ever funding of Rs 1,50,000 crore

Railways Minister Suresh Prabhakar Prabhu fulfilled yet another commitment of his Budget announcement by achieving the highest ever funding of Rs. 1.5 lakh crore for Railways. A Memorandum of Understanding (MoU) was signed between the Ministry of Railways and Life Insurance Corporation (LIC) in the presence of the Finance Minister Arun Jaitley and the Railways Minister at a function held in New Delhi yesterday. Speaking on the occasion, Prabhu said that this is a first such step in its endeavour to make Indian Railways prosperous in the future and with such encouraging initiatives, the Ministry will be able to augment its resources for speedier execution of projects. Under the MoU, LIC will make available to the Railway Ministry a Financial Assistance with a limit of Rs 1,50,000 crore over the next five years for implementing Railway projects. The Financial Assistance will be available from the Financial Year 2015-16.

Source: http://goo.gl/EgR71s