Railways Generate Rs10 Bln Revenue, Reduces Deficit By Rs 4 Bln
Muhammad Irfan 1 month ago Sun 20th September 2020 | 04:40 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 20th Sep, 2020 ) :Pakistan Railways has generated around Rs 10 billion revenue through special initiatives and projects initiated by the present government of Pakistan Tehreek-e-Insaf (PTI) which helped in reducing its annual deficit by Rs four billion.
The additional revenue had also helped in absorption of Rs six billion additional bill in respect of increasing cost of the fuel as well as pay and pension bill, an official in the Ministry of Railways told APP.
During the financial year 2018-2019, earning of the department stood at Rs 54.59 billion compared to Rs 49.50 billion for financial year 2017-18 which was the highest revenue ever achieved by the department.
He said the annual deficit lowered from Rs 36.00 billion to Rs 32 billion. He said the revenue target has been increased from Rs 53 billion to Rs 58 billion in last fiscal year. Up-till December 31, Rs 27,967.195 million have been earned against the budgetary target of Rs 27,499.967 million.
The official said Pakistan Railways had completed as many as ten rehabilitation and development projects worth Rs 27,435.
The other projects include mechanization of track maintenance (pilot project), rehabilitation of rolling stock and track, reopening of rail car from Kohat-Rawalpindi-Kohat section, up gradation of VHF communication system for operational staff, rehabilitation/procurement of re-manufactured 300 traction motors and others, he added.
Pakistan Railways had added 24 new passenger trains in its train operations and all were refurbished locally at Lahore and Islamabad workshops. The new trains attracted around eight million new passengers and generated additional revenue of Rs five billion.
Answering a question, the official said the department had retrieved 383 acres land worth Rs 30 billion, besides vacating 38 kilometers, out of 43 km long Karachi Circular Railways land, from the encroachers.
The Pakistan Railways had renovated and up-graded Lahore, Hasan Abdal and Nankana Sahib Railway Stations. It also inducted 1,365 numbers High Capacity/ High Speed Hopper Wagons to enhance earning as well as efficiency.