Your idea could be a catalyst for the Indian Railways (IR) to reach its non-fare revenue target of Rs 14,000 crore in 2017-18. The organisation said it was seeking innovative ideas for revenue generation from individuals or bodies to boost its non-fare revenue.
A lot of start-ups and individuals have already shown interest, with divisions and zones coming up with unique ideas like using railway platforms for marriage receptions. We are evaluating all these proposals and will take them to market for competitive bidding soon, depending on their earning possibilities,” said an official.
Contracts will be given for five years, in a transparent manner. The initiative is based on what is termed the ‘Swiss Challenge’ method, which allows for open competition to every prospective bidder, besides the proposer of the idea. The proposer is granted the right of first refusal if not the highest bidder.
“The policy provides a structured approach with a standing Non-Fare Revenue Committee to examine all such innovative proposals for generation of revenue of all areas of the railways in a time-bound manner. The railways also plans the Swiss Challenge mode in station redevelopment. Through these measures, we expect to achieve the target this year,” the official said.