On Thursday, the new government led by Prime Minister Narendra Modi presented its maiden budget -- its first big policy statement on how it intends to overhaul an economy saddled with slow growth and weak public finances.  

Railway Minister Sadananda Gowda presented the Rail Budget in the Parliament today. Here are the highlights:

• Grateful to honourable PM Narendra Modi ji for having given me this opportunity and for entrusting me with this responsibility
• Honesty is the first chapter in the book of wisdom
• It gives me immense pleasure to present my first Railway Budget flooded with suggestion for new trains, new railway lines
• We now target to become the largest freight carrier in the world
• Indian railways carry only 31% of the total freight in the country. It is a challenge we have to face
• 5 lakh crore required each year for the next ten years for ongoing projects alone
• 23 paisa lost per passenger per km in 2012-13
• Social obligation of Railways in 2013-14 was Rs. 20,000 crore
• Focus on sanctioning projects rather than completing them
• The more projects we add the thinner we spread our resources
• I can get claps from this house by announcing many new projects but that would be rendering injustice to the struggling organization
• The fare revision was tough but a necessary decision - it will bring Indian Railways an additional revenue of 8,000 crores
• Indian Railways carries more than the entire population of Australia in a day
• Populist projects and mismanagement have brought Railways to point of funds crunch
• This state of affairs in railways needs immediate course correction
• Gross traffic receipts in 2013-14 was Rs. 1.3 lakh crore, operating ratio was 94 per cent
• Indian Railways spent Rs. 41,000 crore on laying of 3,700 km of new lines in last 10 years
• Need to explore alternative sources of resource mobilisation and not depend on fare hike alone
• Large part of the budget outlay to go to safety projects
• Maximum financial outlays for projects slated for completion in this area itself
• High priority areas - safety, cleanliness, passenger amenities and capacity augmentation
• Future projects to be financed on public-private partnership model
• Plans to attract investment from domestic and foreign players in infrastructure; focus to be on aggressive indigenisation
• FY15 Total Expenditure Pegged At Rs.1.49 lakh crore
• FY15 total receipts pegged at Rs.1.64  lakh crore
• Propose to hike budgetary plan outlay to Rs.47,650 crore
• FY15 passenger fare revenue pegged at Rs.44,600 crore
• Pre-cooked meals by reputed brands, focus on cleanliness and passenger feedback
• Outsource cleaning activities at 50 major stations, separate housekeeping wing for cleanliness and sanitation
• CCTVs to be used for monitoring cleanliness
• RO Drinking water at stations and trains
• Corporates encouraged to adopt stations for better maintenance and upkeep
• 17,000 Railway Protection Force personnel to be available soon
• Introduction of women RPF constables, coaches meant for women to be escorted for greater safety

Bullet Train:

• Indian Railways on course to fulfill its long cherished dream. I propose a Bullet train on the Ahmedabad - Mumbai sector
• Higher speed for existing trains will be achieved by upgrading the present network
• 23 projects underway in North-East. Propose to allocate higher funds than previous year for these projects