Railway Budget of India

Railway Budget of India also referred as Rail Budget is the Annual Financial Statement of the state Indian Railways, which handles rail transport in India. It is presented every year by the Minister of Railways, representing the Ministry of Railways, in the parliament.

The Railway Budget is presented every year, a few days before the Union budget of India.

History

Following the recommendation of the 10 member-Acworth Committee in 1920-21, headed by British railway economist William Acworth The "Acworth Report" led to reorganisation of railways, the railway finances of India were separated from the general government finances in 1924. A practise which continues in independent India to date.

First live telecast of railway budget took place on 24 March 1994. Lalu Prasad Yadav, who remained Railways Minister from 2004 to May 2009, presented the railway budget 6 times in a row.In 2009, under his tenure a ₹108 billion (US$1.6 billion) budget was passed.

In the year 2000, Mamata Banerjee,who is the current Chief Minister of West Bengal became the first women Railway Minister of India.In the year 2002 She also became the first female Minister of Railways (India) to present the Railway budget,she also holds the record of being the only women who presented the railway budget for two different government in the centre (NDA and UPA).

Suresh Prabhu

Suresh Prabhakar Prabhu (born 11 July 1953) is an Indian politician and the current Railway Minister of India, under the Narendra Modi government. He is a Chartered Accountant by profession and a member of the Institute of Chartered Accountants of India. Since 1996, Prabhu has been a repeatedly elected Member of Parliament from Rajapur Lok Sabha constituency in Maharashtra as a member of the Shiv Sena (SS) political party. He quit Shiv Sena and joined BJP on 9 November 2014. He presently represents Haryana in Upper House of Indian Parliament.

Education

Suresh Prabhu completed his high school from Sharadashram Vidya Mandir, Dadar, Mumbai, followed by a Bachelor in Commerce with Honours from M.L. Dahanukar College, Vile Parle, Mumbai. He received a Bachelor in Law degree from the New Law College (Ruparel College campus), Mumbai. Prabhu is a Chartered Accountant and a member of the Institute of Chartered Accountants of India. He was All India 11th (eleventh) rank holder in CA exam. He is working on his Ph.D. in Climate Change from Frei University Berlin and Public Finance from Mumbai University.

Budget

A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms. International Budget Partnership regularly monitors global budget information for the civil society.

Etymology

A budget (derived from old French word bougette, purse) is a quantified financial plan for a forthcoming accounting period.

A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms.

Purpose

Budget helps to aid the planning of actual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Other essentials of budget include:

Rail

Rail or rails may refer to:

Rail transport

Science, technology, biology, and medicine

Union Railroad

The following railroads have been named Union Railroad or Union Railway, usually because they connected or merged several other railroads. See joint railway for the concept of a railroad owned by more than one company.

Freight carriers