Indian Railways Surges Ahead with 25% Revenue Growth
The Indian Railways reported a notable 25.51% rise in revenue from passenger and freight operations for the financial year 2022-23, achieving a net surplus of Rs 2,517.38 crore. Despite a significant increase in passenger earnings, a loss in passenger operations persisted, partially offset by freight profits.
- Country:
- India
In a significant financial boost, Indian Railways reported a 25.51% increase in revenue from passenger and freight operations for the fiscal year 2022-23, as per the Comptroller and Auditor General's (CAG) report presented to Parliament. The railway's total earnings climbed to Rs 2,39,982.56 crore.
The Ministry of Railways' expenditure rose by 11.34% to Rs 4,41,642.66 crore, with capital and revenue expenditures seeing an uptick. Staff costs, pension payments, and lease-hire charges constituted a substantial portion of this expenditure. The report highlighted cross-subsidization of passenger service losses with freight service profitability.
Indian Railways achieved a net surplus of Rs 2,517.38 crore, moving from a previous deficit. While most Railway Public Sector Enterprises reported profits, only a few declared dividends. The audit also addressed concerns on unsanctioned spending and unassessed project productivity within several railway divisions.
(With inputs from agencies.)
ALSO READ
Delhi's Construction Welfare Puzzle: Unveiling CAG Report Findings
Delhi's Legislative Push: School Fee Regulation and CAG Reports in Focus
Fiery Debate Erupts Over CAG Report in Delhi Assembly
JM Financial Reports Stellar Q1 Results with 166% Surge in Profits
Delhi's Forgotten Builders: Unveiling CAG's Scathing Report on Worker Neglect
Google News