New Delhi: Corporate India on Friday hailed the railway budget 2009-10, which proposed no hike in freight rates or passenger fares, and termed it as “industry friendly and progressive.”

The announcements like linking industrial clusters to markets, introduction of projects under PPP mode and setting up of land banks for commercial and industrial use of railway land would lead to economic development, the industry said.

“This budget is unique in the way inclusivity and overall development has been the focus without losing focus on safety, technology adoption and commercialization...,” CII secretary general Chandrajit Banerjee said in a statement.

It has provided opportunities for industry though its capacity expansion programme and setting up infrastructure through PPP mode, he said.

“The railway budget 2009-10 is clearly a progressive and a forward looking budget”, FICCI president Harsh Pati Singhania said.

Railways minister Mamta Banerjee has mooted a number of projects that would carry railways to the next technology level, he said.

The industry said Banerjee has presented a people and industry friendly budget since no increase in passenger fare and freight tariff has been proposed.

“The industry is pleased that the minister has not increased freight tariff...,” FICCI said.