Railway finances in 'deep trouble': Suresh Prabhu

January 17, 2015

New Delhi, Jan 17: Railway finances are in "deep trouble", according to Railway Minister Suresh Prabhu who observed today that the government behemoth has been caught in a "vicious circle" of poor investments compromising its services.

prabhuPitching for increased investment into the Railways, he said Pension Fund could be one of the possible means of pumping in the money into the largest government transporter which is facing losses to the tune of thousands of crores.

He said the Railways can become an engine of growth in the coming years and contribute 2.5 per cent to three per cent in the GDP with an improved infrastructure.

However, the Railway finances are in "deep trouble", the Minister said addressing the Economic Times Global Business Summit here.

While underlining that railways requires huge investments to expand its network to provide physical connectivity, he said that 30 to 40,000 km of lines need to be expanded to carry more cargo besides people.

He regretted that India does not have the required institutions to invest in such sectors.
Pension fund, he said, was one such possibility which could help pump investments.

Giving the example of Naxal-hit areas, Prabhu said besides carrying security personnel, a better railway infrastructure could bring more investments in such places and create job opportunities.

Successive governments have been of the view that jobs can wean away youth from naxalism and militancy.

Referring to Prime Minister Narendra Modi's aim of taking the economy to USD 20 trillion from USD 2 trillion, he said policies which are ambitious and at the same time "doable" can help achieve the target.

Terming lack of physical infrastructure as a "road block", Prabhu said many things have to be put in order to achieve the desired growth levels.

He said after setting targets, there was a a need to put in place a strategy to achieve the objectives and the Modi government was working on it.

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News Network
March 11,2020

Mar 11: In a bid to keep its flock together, the crisis-hit Madhya Pradesh Congress has decided to shift its 92 MLAs either to Jaipur or some other place.

The move comes after 22 Congress MLAs loyal to former Union minister Jyotiraditya Scindia resigned on Tuesday, pushing the 15-month-old Kamal Nath government to the brink of collapse.

"We are going to take our 92 MLAs and those supporting our Madhya Pradesh government to a hotel," a senior Congress leader said on Wednesday.

The legislators would be taken either to Jaipur or some other Congress-ruled state like Chhattisgarh, a party source said.

Apart from its own MLAs, the Congress is also keeping a close watch on four Independents who are supporting the party-led state government.

On Tuesday, 22 Congress MLAs from Madhya Pradesh resigned soon after Scindia quit the party.

The development reduced the Congress government in the state to minority.

The state Congress unit is now making all efforts to save the Kamal Nath-led government.

The BJP on Tuesday night shifted its MLAs to Manesar at Gurugram in Haryana, sources in the saffron party said.

The Congress, whose tally before the rebellion was 114, has a wafer-thin majority in the Madhya Pradesh Assembly whose current effective strength is 228.

It also has the support of four Independents, two BSP legislators and one SP MLA, but some of them are now likely to switch sides to the BJP.

The BJP has 107 seats in the state Assembly.

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January 19,2020

Shirdi, Jan 19: Shirdi in Maharashtra will remain closed for an indefinite period from today in the wake of state Chief Minister Uddhav Thackeray's decision to develop Pathri town in Parbhani district as Sai Baba's birthplace.

However, Deepak Madukar Muglikar, Chief Executive Officer of Shri Saibaba Sansthan Trust, has said that Sai Baba Temple in Shirdi will remain open today and will not be impacted by the closure of the city.

"There are some reports in media that Sai Temple in Shirdi will remain closed on January 19. I want to clarify that it is just a rumor. Temple will remain open on January 19," Mr Muglikar said.

A call has been given for indefinite closure of Shirdi after Mr Thackeray's reported comment terming Pathri in Parbhani as Sai Baba's birthplace.

"Devotees will not face any difficulty if they come to Shirdi," said B Wakchaure, member of Saibaba Sansthan Trust.

Uddhav Thackeray has recently announced that Pathri will be developed as the birthplace of Sai Baba for religious tourism and also took a review meeting of the development plans in the Parbhani district.

One of the most popular religious destinations in the country, Saibaba Temple in Shirdi witnesses lakh of devotees visiting the holy site every year.

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News Network
February 11,2020

New Delhi, Feb 11: The government has decided to rename National Institute of Financial Management (NIFM), Faridabad, as Arun Jaitley National Institute of Financial Management, an official statement said on Tuesday.

Set up in 1993 as a registered society under the Department of Expenditure, NIFM trains officers of Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) as also officers of Indian Cost Accounts Service. The Union Finance Minister is the President of the NIFM Society.

"Aligning the vision and aspiration of the Institute for the future with the vision and contribution of late Arun Jaitley, the Government has decided to rename National Institute of Financial Management (NIFM) as the Arun Jaitley National Institute of Financial Management(AJNIFM)," the statement said.

NIFM has become a premier resource centre to meet the training needs of the central government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.

Padma Vibhushan awardee Jaitley was the Union Minister for Finance and Corporate Affairs during May 26, 2014 to May 30, 2019.

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