Page 47 - Insurance Times March 2021

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Railways seeks 50% hike in safety fund

The ministry of railways has sought a 50% increase in allocation for its safety fund-the Rashtriya Rail Sanraksha Kosh.It
urged the finance ministry to approve Rs. 30,000 crore every year for five years. In 2017-18, the then finance minister
Arun Jaitley launched the initiative with a corpus of over Rs. 1 trillion for a five-year period, starting FY18, to ensure
passenger safety. Jaitley had said the government will provide seed capital, but the Railways would have to arrange
the balance resources from its revenues, among other sources.

"Discussions are on for an extension of the Rashtriya Rail Sanraksha Kosh for another five years, starting 2022-23.
This time, the Indian Railways hopes to spend more on passenger safety. So far, nearly Rs. 20,000 crore was being
given every year, which could be increased to Rs. 30,000 crore annually," one of the two officials said. So far, every
year, around three-fourths of the amount is funded by the Indian Railways, and the remaining cost is met with budgetary
support, he added. Over Rs. 54,000 crore has been spent between 2017-18 and 2019-20, according to government
data.

The Insurance Times, March 2021 47