Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ News / India/  Odisha train accident: CAG report from 2022 had flagged dip in track renewal funds

Days after a horrifying three train collision claimed 275 lives and injured more than 1100 others, a CAG report from last year has sparked fresh questions. The ‘Derailment in Indian Railways’ report had flagged a reduction in funds allocated for track renewal. The 2022 report from the Comptroller and Auditor General had touched upon a range of issues including the non-utilisation of a special railway fund on priority tasks.

According to standard maintenance protocols, the Indian Railways should be renewing 4,500 km of train tracks (out of a total length of 1,14,907 km). However the process has been in constantly declining for the past five years due to financial constraints. The Standing Committee on Railways (2016-17) observed that the targets kept for track renewals are not in line with the actual requirement on ground.

According to the CAG report only 3.01% of funds ( 20.74 crore out of the total expenditure of 689.90 crore) were utilised for track renewal on Western Railway in 2019-20. Meanwhile the complete track renewal works of selected divisions of the railways failed to achieve its target during 2017-18 to 2019-2020 due to a supply issue of materials.

The report also flagged fund constraints - allotment declined from 9,607.65 crore in 2018-19 to 7,417 crore in 2019-20. The report explains that different railway zones have been surrendering funds over the past few years.

(With inputs from agencies)

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 05 Jun 2023, 05:02 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App