Citing the deal with state-owned Life Insurance Corp, Railways Minister Suresh Prabhu said plans were afoot to partner with other units to boost railway infrastructure.
As part of the long-term vision, Suresh Prabhu's maiden Railway Budget envisages an investment of Rs 8.5 lakh crore over five years.
The priority for undertaking projects has been determined by a designated committee for capacity enhancement, revenue generation and decongestion.
The massive jump in allocation for electrification has huge cost-saving implications as electric traction is 40 per cent cheaper than diesel traction.
There are many other spheres where Railway Minister Suresh Prabhu started with noble intentions, but restrained himself to make a lasting impression.
The increased speed will involve upgradation of track, improve rolling stock to higher standards and adopting improved methods of track recording and maintenance.
Business Today lists 12 key points announced by Railway Minister Suresh Prabhu in his maiden Budget that passengers stand to benefit from.
Business Today lists 9 key announcements by Railway Minister Suresh Prabhu in his maiden Budget that stand to impact India Inc.
The introduction of train sets similar to bullet trains will also reduce travel time leading to a smoother travel experience.
"Hey Prabhu, yeh kaise hoga?" Railway Minister Suresh Prabhu quipped as the members burst into laughter. But in the end, he came across as a refined communicator.
"The government has raised the planned outlay for the next financial year that begins in April by 52 per cent to Rs 1.1 trillion", Suresh Prabhu said on Thursday.