Indian Railways is facing a problem. The revenue growth has plateaued over the past four years, but the expenditure is swelling. Result? There is very little surplus revenue to improve services. To fix this, the Railways is asking for ideas. And they’re offering up to Rs10 lakh as prize money for the best solution to the problem.
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The Indian Railways ferries over 22 million passengers every day, but its revenue growth has tapered. In 2016-17, the gross revenue for the railways was Rs1.65 lakh crore, of which working expenses gobbled up Rs1.59 lakh crore. Not relying only on in-house experts, the Railways has invited everyone to pitch in with ideas to boost revenue.
Through a competition called ‘How to Raise Money for Railways to Provide Better Services (Jan Bhagidari)’, the Railways will accept “ideas, business plans and implementation strategy” for revenue growth. Anything is fair game, but steer clear of obvious suggestions like expansion of infrastructure, raising funds or rejigging the organisational structure. In short, they are looking for ideas, not advice. Read More