Salary growth to slow down, says Nomura

One of the key indicators of prosperity—salary—indicates that the future is not all that bright and it could get worse. Nomura thinks GDP will not pick up anytime soon

Salary is one of the important yet often ignored economic growth indicator. It is believed, according to Nomura, that salary growth will moderate and thereby affect consumer spending, which in turn will affect economic growth. The report stated, “According to global HR consultancy firm Aon-Hewitt, nominal salary growth in India is likely to moderate to 10.3% y-o-y (year-on-year) in 2013, down from an estimated 11.9% in 2012. Adjusted for inflation, we estimate that real salaries are likely to grow at a meagre 0.7% y-o-y in 2013 from 2.2% in 2012.” This is a scary statistic, if proved true.

The chart below illustrates salary growth over the last 10 years. As you can see, real salary growth has been in a sort of secular decline and it does not look good at all. In fact, if it goes into negative territory, it could spell trouble for the economy.

One of the key reasons, according to Nomura, has been corporates in cost-cutting mode, as they anticipate slack demand and higher inflation, going forward. The report said, “In our view, a steady decline in corporate profitability and no clear sustained demand recovery on the horizon has forced firms to rationalise employee costs.”

However, according to Nomura, this is confined to urban areas. It is not known how the situation is in the rural and India’s hinterland. If it is sounds bleak for urban areas, it is plausible that it is worse in rural areas. Nomura expects the economy to slow down. It said, “With flat real income growth and a worsening employment outlook, we expect private consumption growth, particularly in urban areas, to remain weak. Ongoing fiscal consolidation, a sluggish investment cycle and lacklustre external demand all suggest that GDP growth is unlikely to pick up quickly.”

Our policy makers seem fixated on GDP rather than addressing the real problem—inflation—which reduces the purchasing power of the masses and the middle class. With the budget around the corner, it remains to be seen what the government intends to do to tackle this problem and revive the economy though most pundits are expecting it to be populist.

Ensure that you attend the budget special on Saturday at Moneylife Foundation. For more information, click here.


Did CRISIL’s ‘independent’ research report give 5/5 grade to Helios & Matheson ignoring the criminal case pending against its chairman, MD?

Rajeev Sawhney, who is fighting a bruising battle with H&M over the takeover of Vmoksha, alleges that the ratings agency did not look into the pending criminal case against the chairman and MD of H&M before assigning its highest rating. How independent is CRISIL’s grading of H&S?

In a bizarre piece of ‘independent’ research, ratings agency CRISIL has assigned Helios & Matheson Information Technology (H&M), an unfancied software company, its highest grading of 5/5. While the selection of H&S from hundreds of excellent companies looks fishy, the agency has overlooked several reports about a criminal case pending against the chairman and managing director of H&M, alleged Rajeev Sawhney, chairman of Vmoksha Technologies Pvt Ltd. Mr Sawhney, a US-based non-resident Indian (NRI) is fighting a bruising battle with H&M over the takeover of Vmoksha.


The Reserve Bank of India (RBI), under a Right to Information (RTI) reply to Mr Sawhney, has admitted that its permission was not sought by State Bank of Mauritius while providing a loan facility on personal guarantees of V Ramachandra, chairman and GK Muralikrishna, managing director of H&M. The RBI has already submitted a detailed note to the Enforcement Directorate (ED) in the matter.


The ED is conducting investigations against Mr Ramachandran and Mr Muralikrishna for their alleged role in the acquisition of Vmoksha.



In its reply under the RTI, the central bank while acknowledging the ‘deal’ stated that “...instead of crediting the acquisition proceeds to the account of Vmoksha Technologies maintained with HSBC Bank, the proceeds were credited to the Vmoksha Technologies account with State Bank of Mauritius at its Mauritius branch. It was then observed that this account was purportedly opened in a fraudulent manner by Pawan Kumar, the then CEO and chairman of Vmoksha Technologies with the help of two persons, i.e. chairman and MD of H&M. Pawan Kumar also applied for a loan of $13.5 million with State Bank of Mauritius at Port Louis branch in Mauritius. This loan account was immediately sanctioned by the bank against personal guarantees of two persons i.e. chairman and MD of H&M,” the RBI said.


RBI in its note sent to the ED further added that “...the issue relating to State Bank of Mauritius, Port Louis branch sanctioning loan to Vmoksha Technologies Mauritius against personal guarantees of two resident Indians i.e. chairman and MD of H&M, it was advised by the Mumbai branch of State Bank of Mauritius that through inadvertence, RBI’s prior approval for such guarantee was not obtained.”


Hire an independent rating?


CRISIL has assigned H&M a strong upside from the current market price with highest grading point of 5/5. According to CRISIL, banking, finance and insurance companies (BFSI) and healthcare segment would drive future growth of IT services in India during 2013 and, H&M would get benefits from it as the company works with seven of the 20 largest global banks.

CRISIL said, “The company has a track record of uninterrupted profits for 84 straight quarters and consistent dividend distribution year on year since inception. Strong organic growth momentum has led to double-digit growth sequentially quarter-on-quarter and a 42% topline growth (YoY) in the September 12 quarter over September 11.”


For the year ending September 2012, H&M’s consolidated revenues increased to Rs451.9 crore from Rs394.14 crore, over same period a year ago. Except that the market either does not believe in the numbers or does not believe that the future is all that rosy. The stock price of H&M is down from the intra-day high of Rs267 in early 2006 to Rs50 today. Crisil’s discovery of H&S’s hidden features is remarkable given that virtually no analyst tracks this company regularly.


Moneylife had previously reported about the bruising battle between H&M and Rajeev Sawhney. The battle started in 2005 when H&M announced a $19 million buyout of Vmoksha, co-founded by Rajeev Sawhney and Pawan Kumar (former CEO of the controversial DSQ Software), with the former putting in the money and the latter running the operations. Mr Sawhney soon realised that he had been kept in the dark about many aspects of the deal.


On 11 May 2005, both the companies signed a share purchase agreement under which V Ramachandran, chairman of H&M, was to pay $19 million for the three units, out of which $4 million was to be paid to Pawan Kumar, the then chief executive of Vmoksha and also former CEO of the controversial DSQ Software, as earn out. Although, Pawan Kumar and his family members were also stakeholders in Vmoksha, Mr Sawhney later bought out their stake as well.


Mr Ramachandran was supposed to pay $13.4 million to Mr Sawhney, after paying some amount to Tapan Garg and Madhuri Garg, son and wife of Pawan Kumar for their holding. Mr Sawhney soon realised that he had been kept in the dark about many aspects of the deal. For instance, he found that instead of receiving $19 million, a bank account had been ‘fraudulently’ opened in the State Bank of Mauritius in Vmoksha’s name and used to borrow $13.5 million, using a fake board sanction and false entries. That money was remitted to H&M ostensibly for subscription of redeemable preference shares on 28 June 2005.


Earlier in December 2011, the Supreme Court dismissed special leave petitions (SLPs) filed by H&M and Pawan Kumar, the then chief executive officer of Vmoksha Technologies. Both have challenged the Bombay High Court (HC) order, which allowed the revision application of Vmoksha’s co-founder Rajiv Sawhney against H&M.


In an order passed on 6 May 2011, the HC had restored an order passed by the Additional Chief Metropolitan Magistrate (ACMM) of the 47th Court at Mumbai, to restart proceedings against the accused, including H&M's chairman V Ramachandran.


Read more…

SC dismisses special leave petition of Helios and Matheson

Helios & Matheson under the scanner





3 years ago

Lets wait for the final Judgement before we take a call who is right and who is wrong on this issue


4 years ago

i am surprised that such a reputable agency ( atleat i thought so ) could give a 5/5 grading to H&M


4 years ago

Do we a regulator for these rating agencies too ?


4 years ago

These rating agencies are running a freak show. It is high time that something was done about them!


4 years ago

Crisil is an arm of Standard & Poor's -- their shoddy rating practices are very well known and well documented. Crisil seems to be in sync with the S&P model!


4 years ago

financial probity and corporate governance are two weak spots of indian businessses.

Rail Budget: Eyes on election, Bansal spares passengers from direct fare hike

The much talked about Railway Budget, presented two days ahead of the Union budget, has turned out to be largely a non-event. While sparing passengers from another hike within a month, Pawan Kumar Bansal, however increased charges for super-fast trains, and fees for ticket cancellation and reservations

Pawan Kumar Bansal, the minister of railways on Tuesday spared passengers from another fare hike within a month, giving indications that the United Progressive Alliance (UPA) government does not want to upset voters ahead of the general elections.


Bansal, the first minister from the Congress to present the Railway Budget in 17 years, however, increased supplementary charges for super fast trains, reservation fee, clerkage charge, cancellation charge and tatkal charges. The enhanced reservations fee has been abolished.


“On the whole, there were no fireworks in the Rail Budget. While linking freight to fuel costs is the right move, subsidized passenger fares account for bulk of railway losses and until that is addressed, the financial position of railways is unlikely to turn around quickly, and investment in the sector will languish,” said Nomura Financial Advisory and Securities (India) Pvt Ltd, in a note.


Bansal said, fuel adjustment component (FAC) would be linked with the revision for freight tariff from 1 April 2013, which would increase freight charges by an average of 5%.


“...the increase in freight rates which would be linked with the diesel price movements would add to the burden of price of products which use railways for transportation purposes. Given that the finance ministry has made it clear that the price of diesel will be adjusted upwards on a regular basis, albeit, in small measures, the impact would tend to be escalated over the year. Therefore, it is not surprising that the stock market has not reacted positively in net terms to the Railway Budget,” DR Dogra, managing director and chief executive, CARE Ratings, said.


Too little provisions

Surprisingly, while the railway minister has announced several amenities for passengers like lifts for passenger at A1, A and other pilgrim stations, he made a provision of just Rs1 crore as against an estimated cost of Rs100 crore. Similarly, for installing escalators at 179 important stations, Bansal has provided Rs1 crore as against estimated cost of Rs134.25 crore.


It is the same fate of his other ideas as well. For providing wi-fi internet facility in 50 rakes of Shatabdi, Rajdhani and Duranto trains, the estimated cost is Rs55 crore and Bansal has provided only Rs10 lakh.


Another interesting aspect of this year’s Rail Budget is lack of funding for signalling and telecommunication-related works. This work does not find favour with Bansal and for almost all projects of signalling and telecommunication in every division the minister has provided just Rs1 lakh for each project, irrespective of the estimated cost. For example, in the Eastern Railway division, the minister has provided Rs1 lakh for replacement of RE and quad cables between Jamtar and Jhaja sections (106 km), as against estimated cost of Rs31.08 crore. Even for replacing signalling gears for route relay interlocking at Kurla, the minister has provided Rs1 lakh as against estimated cost of Rs15.24 crore.

Surprisingly, there is not a single paisa provision made by the minister for setting up the Indian Railway Institute for Advanced Electronic Technology (IRIAET) at Nagpur while its estimated cost is Rs21.25 crore. How the Railways can set up the institute without any funding would be interesting to watch, though.


Mumbai to get AC local trains

Bansal said that the Railways would introduce its first air-conditioned (AC) EMU rake (local train) on Mumbai suburban network during 2013-14. The Railways would introduce 72 and 18 additional services in Mumbai and Kolkata, respectively.


Here are the other proposals from the Railway Budget...


New trains

  1. 67 new Express trains to be introduced. 
  2. 26 new passenger services, 8 DEMU services and 5 MEMU services to be introduced. 
  3. Run of 57 trains to be extended. 
  4. Frequency of 24 trains to be increased.

Passenger/rail users’ amenities 

  1. Identification of 104 important stations for immediate attention to all aspects related to cleanliness.
  2. Progressive extension of bio-toilets on trains.
  3. Provision of concrete aprons on platforms with mechanized cleaning facilities.
  4. Extension of On Board Housekeeping Scheme and Clean Train Stations to more stations and trains.
  5. Extension of Unreserved Ticketing System (UTS), Automatic Ticket Vending Machines (ATVMs), Coin-operated Ticket Vending Machines (CO-TVMs) and scheme of Jan-Sadharan Ticket Booking Sevaks (JTBSs).
  6. Setting up of six more Rail Neer bottling plants at Vijayawada, Nagpur, Lalitpur, Bilaspur, Jaipur and Ahmedabad.
  7. Pilot project on select trains to facilitate passengers to contact on board staff through SMS/phone call/e-mail for coach cleanliness and real time feedback.
  8. 8-10 more mechanized laundries for quality washing of linen. 
  9. Provision of announcement facility and electronic display boards in trains.
  10. Providing free Wi-Fi facilities on several trains.
  11. Upgrading another 60 stations as Adarsh Stations in addition to 980 already selected.
  12. Associate voluntary organizations for providing first aid services at railway stations.
  13. Introduction of an ‘Anubhuti’ coach in select trains to provide excellent ambience and latest facilities and services. 
  14. 179 escalators and 400 lifts at A-1 and other major stations to be installed facilitating elderly and differently abled.
  15. Affixing Braille stickers with layout of coaches including toilets, provision of wheel chairs and battery operated vehicles at more stations and making coaches wheel-chair friendly.
  16. Some JTBS to be reserved for disabled people. 
  17. Curbing malpractices in reserved tickets including tatkal scheme.
  18. Third party audit and tie up with food testing laboratories for food quality control; ISO certified state-of-the-art base kitchens to be set up in railway premises. 
  19. Centralized Catering Services Monitoring Cell set up with a toll free number (1800 111 321)

Rail Tourism 

  1. Launching multi-modal travel package in cooperation with Jammu & Kashmir state government.
  2. Issuing ‘Yatra Parchis’ to pilgrims travelling by rail to Mata Vaishno Devi Shrine at the time of railway ticket booking. 
  3. Introduction of an educational tourist train with concessional fares—‘Azadi Express’—to connect places associated with freedom movement.
  4. Introduction of executive lounge at  seven more stations, namely, Bilaspur, Visakhapatnam, Patna, Nagpur, Agra, Jaipur and Bengaluru.

IT Initiatives 

  1. ‘Aadhaar’ to be used for various passenger and staff related services.
  2. Internet ticketing from 0030 hours to 2330 hours.
  3. e-ticketing through mobile phones.
  4. Project of SMS alerts to passengers providing updates on reservation status.
  5. Covering larger number of trains under Real Time Information System.
  6. Next-Gen e-ticketing system to be rolled out capable of handling 7,200 tickets per minute against 2,000 now and 1.20 lakh users simultaneously against 40,000 now. 

Measures for improving safety & security 

  1. Making a Corporate Safety Plan for a ten-year period (2014-2024).
  2. Elimination of 10,797 level crossings during the 12th Plan and no addition of new LCs to the IR system henceforth.
  3. Introduction of Train Protection Warning System on Automatic Signalling Systems. 
  4. Rigorous trials of the indigenously developed Train Collision Avoidance System.
  5. Using 60 kg rails, 260 meter long welded rail panels and improved flash butt welding technology.
  6. Introduction of 160/200 kmph Self Propelled Accident Relief Trains. 
  7. Induction of crash worthy LHB coaches with anti-climb feature.
  8. Rehabilitation of identified 17 distressed bridges over next one year.
  9. Provision of comprehensive fire and smoke detection systems.
  10. Provision of portable fire extinguishers in Guard-cum-Brake Vans, AC Coaches and Pantry Cars in all trains.
  11. Use of fire retardant furnishing materials in coaches.
  12. Measures initiated to deal with elephant related accidents.
  13. Four companies of women RPF personnel set up and another eight to be set up to strengthen the security of rail passengers, especially women passengers. 
  14. Recruitment to RPF with 10% vacancies reserved for women.


  1. Complimentary card passes to recipients of Rajiv Gandhi Khel Ratna & Dhyan Chand Awards to be valid for travel by 1st Class/2nd AC. 
  2. Complimentary card passes to Olympic medallists and Dronacharya awardees for travel in Rajdhani/ Shatabadi Trains. 
  3. Travel by Duronto Trains permitted on all card passes issued to sportspersons having facility of travel by Rajdhani/Shatabadi Trains.
  4. Facility of complimentary card passes valid in 1st class/2nd AC extended to parents of posthumous unmarried awardees of Mahavir Chakra, Vir Chakra, Kirti Chakra, Shaurya Chakra, President’s Police Medal for Gallantry and Police Medal for Gallantry.
  5. Police Gallantry awardees to be granted one complimentary pass every year for travel along with one companion in 2nd AC in Rajdhani/Shatabadi Trains.
  6. Passes for freedom fighters to be renewed once in three years. 

Training and recruitment 

  1. 1.52 lakh vacancies being filled up this year out of which 47,000 vacancies have been earmarked for weaker sections and physically challenged.
  2. Imparting skills to the youth in railway related trades in 25 locations. 
  3. Setting up of a multi-disciplinary training institute at Nagpur for training in rail related electronics technologies.
  4. Setting up of a centralized training institute at Secunderabad—Indian Railways Institute of Financial Management (IRIFM).
  5. Five fellowships in national universities to be instituted to motivate students to study and undertake research on IR related issues at M.Phil and Ph.D. levels.
  6. Setting up of a chair at TERI promoting railway related research to reduce carbon footprint.

Financial performance 2012-13 

  1. Loading target revised to 1007 MT against 1025 MT in BE. 
  2. Gross Traffic Receipts fixed at Rs1.26 lakh crore in RE, short by Rs6,872 cr over Budget Estimates.  
  3. Ordinary Working Expenses retained at BE level of Rs84,400 crore; pension payments increased by Rs1,500 cr to Rs20,000 cr.
  4. Dividend liability to government to be fully discharged.  
  5. ‘Excess’ of Rs10,409 crore as against the budget amount of Rs15,557 crore.
  6. Loan of Rs3,000 crore taken in 2011-12 fully repaid along with interest.  
  7. Operating Ratio of 88.8% as compared to 94.9% in 2011-12. 

Budget Estimates 2013-14

  1. Freight loading of 1047 MT, 40 MT more than 2012-13.
  2. Passenger growth - 5.2%.  
  3. Gross Traffic Receipts - Rs1.44 lakh crore i.e. an increase of Rs18,062 crore over RE, 2012-13.
  4. Ordinary Working Expenses - Rs96,500 crore.  
  5. Appropriation to DRF at Rs7,500 crore and to Pension Fund at Rs22,000 crore.  
  6. Dividend payment estimated at Rs6,249 crore.
  7. Operating Ratio to be 87.8%.
  8. Fund Balances to exceed Rs12,000 crore

Annual Plan 2013-14

Highest ever plan outlay of Rs63,363 crore. 

o  Gross Budgetary Support - Rs26,000 crore 

o  Railway Safety Fund  - Rs2,000 crore 

o  Internal Resources   - Rs14,260 crore 

o  EBR - Market Borrowing - Rs15,103 crore;   

o  EBR - PPP    - Rs6,000 crore. 


500 km new lines, 750 km doubling, 450 km gauge conversion targeted in 2013-14. 


Fiscal Discipline

  1. No supplementary Demands for Grants introduced in Monsoon Session or Winter Session of Parliament;
  2. Loan of Rs3,000 crore repaid fully;
  3. 347 projects prioritized with assured funding;
  4. Operationally important projects and also last mile projects to receive liberal funding;
  5. A new fund—Debt Service Fund—set up to meet committed liabilities;
  6. Stringent targets for efficiencies in maintenance of rolling stock and fuel consumption;
  7. Target to create fund balance of Rs30,000 crore in the terminal year of the 12th Plan.

Staff Welfare 

  1. Fund allocation for staff quarters enhanced to Rs300 crore
  2. Provision of hostel facilities for single women railway employees at all divisional headquarters.
  3. Extending treatment facility in case of medical emergency to RELHS beneficiaries to all cities in hospitals empanelled with CGHS and Railways. 
  4. Condition of barracks to be improved for RPF personnel.
  5. Provision of water closets and air conditioners in the locomotive cabs to avoid stress being faced by loco pilots.{break}

    Here is the list of new express trains…

    1.  Ahmedabad – Jodhpur Express (Weekly) Via Samdari, Bhildi

    2.  Ajni (Nagpur) – Lokmanya Tilak (T) Express (Weekly) Via Hingoli

    3.  Amritsar – Lalkuan Express (Weekly) Via Chandigarh 

    4.  Bandra Terminus – Ramnagar Express (Weekly) Via Nagda, Mathura, Kanpur, Lucknow, Rampur

    5.  Bandra Terminus – Jaisalmer Express (Weekly) Via Marwar, Jodhpur 

    6.  Bandra Terminus – Hisar Express (Weekly) Via Ahmedabad, Palanpur, Marwar, Jodhpur, Degana

    7.  Bandra Terminus – Haridwar Express (Weekly) Via Valsad

    8.  Bangalore – Mangalore Express (Weekly)

    9.  Bathinda – Jammu Tawi Express (Weekly) Via Patiala, Rajpura

    10.  Bhubaneswar – Hazrat Nizamuddin Express (Weekly) Via Sambalpur

    11.  Bikaner – Chennai AC Express (Weekly) Via Jaipur, Sawai Madhopur, Nagda, Bhopal, Nagpur

    12.  Chandigarh –Amritsar Intercity Express (Daily) Via Sahibzada Ajitsingh Nagar (Mohali), Ludhiana

    13.  Chennai – Karaikudi Express (Weekly)

    14.  Chennai – Palani Express (Daily) Via Jolarpettai, Salem, Karur, Namakkal

    15.  Chennai Egmore – Thanjavur Express (Daily) Via Villupuram, Mayiladuthurai

    16.  Chennai – Nagarsol  (For Sai Nagar Shirdi) Express (Weekly) Via Renigunta, Dhone, Kacheguda

    17.  Chennai – Velankanni Link Express (Daily) Via Villupuram, Mayiladuthurai, Tiruvarur

    18.  Coimbatore – Mannargudi  Express (Daily) Via Tiruchchirappalli, Thanjavur, Nidamangalam

    19.  Coimbatore – Rameswaram Express (Weekly)

    20.  Delhi – Firozpur Intercity Express (Daily) Via Bathinda

    21.  Delhi Sarai Rohilla – Sikar Express (Bi-weekly) after gauge conversion

    22.  Delhi – Hoshiarpur Express (Weekly)

    23.  Durg – Jaipur Express (Weekly)

    24.  Gandhidham – Visakhapatnam Express (Weekly) Via Ahmedabad, Wardha, Ballarshah, Vijaywada

    25.  Hazrat Nizamuddin – Mumbai AC Express (Weekly) via Bhopal, Khandwa, Bhusawal

    26.  Howrah – Chennai AC Express (Bi-weekly) Via Bhadrak, Duvvada, Gudur

    27.  Howrah – New Jalpaiguri AC Express (Weekly) Via Malda Town

    28.  Hubli – Mumbai Express (Weekly) Via Miraj, Pune

    29.  Indore – Chandigarh Express (Weekly) Via Dewas, Ujjain, Guna, Gwalior, Hazrat Nizamuddin

    30.  Jabalpur – Yesvantpur Express (Weekly)Via Nagpur, Dharmavaram

    31.  Jaipur – Lucknow Express (Tri-weekly) Via Bandikui, Mathura, Kanpur

    32.  Jaipur-Alwar Express (Daily)

    33.  Jodhpur –Jaipur Express (Daily) Via Phulera

    34.  Jodhpur – Kamakhya (Guwahati)  Express  (Weekly) Via Degana, Ratangarh

    35.  Kakinada – Mumbai Express (Bi-weekly) 

    36.  Kalka – Sai Nagar Shirdi Express (Bi-weekly) Via Hazrat Nizamuddin , Bhopal, Itrasi 

    37.  Kamakhya (Guwahati)  – Anand VIhar Express (Weekly) Via Katihar, Barauni, Sitapur Cantt, Moradabad

    38.  Kamakhya (Guwahati) – Bangalore AC Express (Weekly)

    39.  Kanpur – Anand Vihar Express (Weekly) Via Farrukhabad

    40.  Katihar – Howrah Express (Weekly) Via Malda Town

    41.  Katra – Kalka  Express (Bi-weekly) Via Morinda

    42.  Kolkata – Agra Express (Weekly) Via Amethi, Rae Bareli, Mathura

    43.  Kolkata – Sitamarhi Express (Weekly) Via Jhajha, Barauni, Darbhanga

    44.  Kota – Jammu Tawi Express (Weekly) Via Mathura, Palwal

    45.  Kurnool Town – Secunderabad Express  (Daily)

    46.  Lokmanya Tilak (T) – Kochuveli Express (Weekly)

    47.  Lucknow – Varanasi Express  Via Rae-Bareli (6 Days a week)

    48.  Madgaon – Mangalore Intercity Express (Daily) Via Udupi, Karwar

    49.  Mangalore – Kacheguda Express (Weekly) Via Dhone, Gooty, Renigunta, Coimbatore

    50.  Mau  – Anand Vihar Express (Bi-weekly) 

    51.  Mumbai – Solapur Express (6 Days a week) Via Pune

    52.  Nagercoil – Bangalore Express (Daily) Via Madurai, Tiruchchirappalli

    53.  New Delhi – Katra AC Express (6 Days a week)

    54.  Nizamabad – Lokmanya Tilak (T) Express (Weekly)  

    55.  Patna – Sasaram Intercity Express (Daily) Via Ara

    56.  Patliputra (Patna) – Bangalore Express (Weekly) Via Chheoki

    57.  Puducherry – Kanniyakumari Express (Weekly) Via Villupuram, Mayiladuthurai, Tiruchchirappalli

    58.  Puri – Sai Nagar Shirdi Express (Weekly) Via Sambalpur, Titlagarh, Raipur, Nagpur, Bhusawal

    59.  Puri –Ajmer Express (Weekly) Via Abu-Road

    60.  Radhikapur – Anand Vihar Link Express (Daily)

    61.  Rajendra Nagar Terminus (Patna)– New Tinsukia Express (Weekly) Via Katihar, Guwahati

    62.  Tirupati – Puducherry Express (Weekly)

    63.  Tirupati – Bhubaneswar Express (Weekly) Via Visakhapatnam

    64.  Una / Nangaldam– Hazoor Saheb Nanded Express (Weekly) Via Anandpur Saheb, Morinda, Chandigarh, Ambala

    65.  Visakhapatnam – Jodhpur Express (Weekly) Via Titlagarh, Raipur

    66.  Visakhapatnam – Kollam Express (Weekly) 

    67.  Yesvantpur – Lucknow Express (Weekly) via Rae Bareli, Pratapgarh


    Passenger Trains

    1.  Bathinda – Dhuri Passenger (Daily)

    2.  Bikaner-Ratangarh  Passenger (Daily)

    3.  Bhavnagar – Palitana Passenger (Daily)

    4.  Bhavnagar – Surendranagar Passenger (Daily)

    5.  Bareilly – Lalkuan Passenger (Daily)

    6.  Chhapra –Thawe Passenger (Daily) 

    7.  Loharu – Sikar Passenger (Daily) after gauge conversion

    8.  Madgaon – Ratnagiri Passenger (Daily)

    9.  Marikuppam – Bangalore Passenger (Daily)

    10.  Muzaffarpur – Sitamarhi Passenger (Daily) via Runnisaidpur

    11.  Nadiad – Modasa Passenger (6 days a week)

    12.  Nandyal – Kurnool Town passenger (Daily)

    13.  New Amravati – Narkher Passenger (Daily)

    14.  Punalur – Kollam Passenger (Daily)

    15.  Purna – Parli  Vaijnath Passenger (Daily)

    16.  Palani-Tiruchendur Passenger (Daily)

    17.  Ratangarh - Sardarsahar Passenger (Daily) after gauge conversion

    18.  Samastipur- Banmankhi Passenger via Saharsa, Madhepura (Daily) after gauge conversion

    19.  Shoranur – Kozhikode Passenger (Daily)

    20.  Surendranagar – Dharangdhara Passenger (Daily)

    21.  Suratgarh – Anupgarh Passenger (Daily)

    22.  Somnath – Rajkot Passenger (Daily)

    23.  Sitamarhi – Raxaul Passenger (Daily)

    24.  Sriganganagar – Hanumangarh-Sadulpur Passenger (Daily) after gauge conversion

    25.  Talguppa – Shimoga Town Passenger (Daily)

    26.  Thrisur-Guruvayur Passenger (Daily)


    MEMU Services

    1.  Barabanki – Kanpur

    2.  Chennai – Tirupati

    3.  Delhi- Rohtak (Replacement of conventional service by MEMU)

    4.  Lucknow – Hardoi

    5.  Sealdah – Berhampore Court


    DEMU Services

    1.  Bhatkal – Thokur

    2.  Delhi – Kurukshetra Via Kaithal

    3.  Katwa – Jangipur 

    4.  Lucknow – Sultanpur

    5.  Lucknow – Pratapgarh Via Gauriganj

    6.  Madgaon – Karwar

    7.  Rohtak – Rewari

    8.  Taran Taran – Goindwal Saheb


    Extension of Trains

    1.  19601/19602 Ajmer-New Jalpaiguri Express to Udaipur

    2.  15715/15716 Ajmer-Kishanganj Express to New Jalpaiguri

    3.  12403/12404 Allahabad – Mathura Express to Jaipur

    4.  17307/17308 Bagalkot-Yesvantpur Express to Mysore

    5.  18437/18438 Bhubaneswar – Bhawanipatna Express to Junagarh 

    6.  18191/18192 Chhapra – Kanpur Anwarganj Express to Farrukhabad

    7.  16127/16128 Chennai-Madurai portion of Chennai-Guruvayur Express to Tuticorin

    8.  12231/12232 Chandigarh-Lucknow Express to Patna (2 days)

    9.  12605/12606 Chennai-Tiruchchirappalli Express to Karaikudi

    10.  14007/14008 Delhi-Muzaffarpur Express to Raxaul after gauge conversion 

    11.  14017/14018 Delhi-Muzaffarpur Express to Raxaul after gauge conversion

    12.  12577/12578 Darbhanga-Bangalore Express to Mysore

    13.  14731/14732 Delhi – Bathinda Express to Fazilka

    14.  14705/14706 Delhi Sarai Rohilla-Sadulpur Express to Sujangarh (Salasar Express)

    15.  15159/15160 Durg- Chhapra Express to Muzaffarpur and Gondia

    16.  12507/12508 Guwahati-Ernakulam Express to Thiruvananthapuram

    17.  17005/17006 Hyderabad-Darbhanga Express to Raxaul after gauge conversion 

    18.  17011/17012 Hyderabad- Belampalli Express to Sirpur Kaghaznagar

    19.  16591/16592 Hubli-Bangalore Express to Mysore 

    20.  12181/12182 Jabalpur-Jaipur Express  to Ajmer

    21.  15097/15098 Jammu Tawi-Barauni Express to Bhagalpur

    22.  13117/13118 Kolkata – Berhampore Court Express to Lalgola

    23.  22981/22982 Kota-Hanumangarh Express to Shri Ganga Nagar

    24.  15609/15610 Lalgarh- Guwahati  Express to New Tinsukia 

    25.  12145/12146 Lokmanya Tilak (T)-Bhubaneswar Express to Puri

    26.  12545/12546 Lokmanya Tilak (T)-Darbhanga Express to Raxaul after gauge conversion 

    27.  12449/12450 Madgaon-Hazrat Nizamuddin Express to Chandigarh 

    28.  12653/12654 Mangalore – Tiruchchirappalli Express to Puducherry

    29.  29019/29020 Meerut-Nimach Link Express to Mandasor

    30.  22107/22108 Mumbai CST-Latur Express to Hazoor Saheb Nanded

    31.  14003/14004 New Delhi -New Farakka Express to Malda Town

    32.  15723/15724 New Jalpaiguri-Darbhanga Express to Sitamarhi

    33.  18419/18420 Puri-Darbhanga Express to Jaynagar

    34.  19327/19328 Ratlam-Chittaurgarh Express to Udaipur

    35.  13133/13134 Sealdah – Varanasi   Express (2 Days) to Delhi via Lucknow, Moradabad

    36.  14711/14712 Shri Ganga Nagar – Haridwar Express to Rishikesh

    37.  16535/16536 Solapur-Yesvantpur Express to Mysore

    38.  19251/19252 Somnath-Dwarka Express to Okha

    39.  12629/12630 Yesvantpur–Hazrat Nizamuddun Sampark Kranti Express 2 days to Chandigarh

    40.  59601/59602 Ajmer-Beawar Passenger to Marwar 

    41.  56513/56514 Bangalore-Nagore Passenger to Karaikal

    42.  51183/51184 Bhusaval-Amravati Passenger to Narkher

    43.  57502/57503 Bodhan-Kamareddi Passenger to Mirzapalli

    44.  54632/54633 Dhuri-Hisar/ Hisar- Ludhiana Passenger to Sirsa

    45.  56700/56701Madurai-Kollam Passenger to Punalur

    46.  56709/56710 Madurai-Dindigul Passenger to Palani

    47.  56275/56276 Mysore-Shimoga Town Passenger to Talguppa

    48.  59297/59298 Porbander-Veraval Passenger to Somnath

    49.  66611/66612 Ernakulam-Thrisur MEMU to Palakkad

    50.  67277/67278 Falaknuma-Bhongir MEMU to Jangaon

    51.  66304/66305 Kollam-Nagarcoil MEMU to Kanniyakumari

    52.  63131/63132 Krishnanagar City-Berhampore Court MEMU to Ranaghat and to Cossimbazar

    53.  74021/74024 Delhi-Shamli DEMU to Saharanpur

    54.  76837/76838 Karaikudi-Manamadurai DEMU to Virudunagar after gauge conversion

    55.   79454/79445  Morbi-Wankaner DEMU to Rajkot

    56.  77676/77677 Miryalguda-Nadikudi DEMU to Piduguralla

    57.  79301/79302 Ratlam-Chittaurgarh DEMU to Bhilwara 


    Increase in frequency 

    1.  12547/12548 Agra Fort –Ahmedabad Express 3 to 7 days

    2.  11453/11454 Ahmedabad-Nagpur Express 2 to 3 days

    3.  22615/22616 Coimbatore-Tirupati Express 3 to 4 days

    4.  14037/14038 Delhi-Pathankot Express 3 to 6 days

    5.  19409/19410 Gorakhpur – Ahmedabad Express 1 to 2 days

    6.  13465/13466 Howrah – Malda Town Express 6 to 7 days

    7.  12159/12160 Jabalpur – Amravati Express 3 to 7 days

    8.  11103/11104 Jhansi – Bandra (T) Express 1 to 2 days

    9.  19325/19326 Indore – Amritsar Express 1 to 2 days

    10.  12469/12470 Kanpur – Jammu Tawi Express 1 to 2 days

    11.  12217/12218 Kochuveli – Chandigarh Express 1 to 2 days

    12.  12687/12688 Madurai – Dehradun/Chandigarh Express 1 to 2 days

    13.  13409/13410 Malda Town – Jamalpur Express 6 to 7 days

    14.  17213/17214 Narsapur – Nagersol (Near Sainagar Shirdi) Express 2 to 7 days

    15.  12877/12878 Ranchi-New Delhi Garib Rath Express 2 to 3 days

    16.  18509/18510 Visakhapatnam – Hazoor Saheb Nanded Express 2 to 3 days

    17.  22819/22820 Visakhapatnam – Lokmanya Tilak (T) Express 2 to 7 days

    18.  18309/18310 Sambalpur-Hazoor Saheb Nanded Express 2 to 3 days

    19.  12751/12752 Secunderabad – Manuguru Express 3 to 7 days

    20.  12629/12630 Yesvantpur – Hazrat Nizamuddun Sampark Kranti Express 2 to 4 days

    21.  56221/56222/56525/56526 Bangalore – Tumkur Passenger 6 to 7 days

    22.  56321 Kanniyakumari-Tirunelveli Passenger 6 to 7 days

    23.  56325 Nagercoil – Kanniyakumari Passenger 6 to 7 days

    24.  56312 Tirunelveli - Nagercoil Passenger 6 to 7 days



nagesh kini

4 years ago

This budget is another Laloo prototype goody-goody on the face but with a lot of hidden contradictions!
The only RM who did adequate home work is apro Dineshbhai who didn't accept Didi's diktats and placed a real budget that his successor rolled back to the detriment of all! We at MoneyLife heard of this from him.

Vinay Joshi

4 years ago


Inadvertently i've put your name in Rail budget comments.

Please do excuse me, typo regretted.


Vinay Joshi

4 years ago

Hello Raj,

There were no fireworks in Rail Budget called ‘Rae Bareli’ budget!

Mr.Raj earlier you’ve not answered me on tax related aspects.

Answer, Why rail budget is required to be presented as ‘Budget’ in the house?


Does it require sanction under Article 266, 267? Are they covered?
Demand for grants, Article 113, mandates vote in LS, also Appropriation Bill.
So how are they done?

Any way will come back later.

In the meantime find out where Lalu's 20KCR has gone?

Case study for management students!As proclaimed by him.

Or also research on "BALANCING" by the present Minister.

What is the operating ratio?

From where 125k jobs will be created?

Analyses of financials is out of 'political twist'.

Common person should know the jugglery!


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