Money on the markets
A maturing market amid the mayhem
A railway budget separate from the general budget started in 1924 because the railways then formed more than a third of the budget.
A dedicated budget for railways was called for.
However the pattern of government’s finances has changed and the railways despite the impressive statistics - 63,327-kilometre network, 18 million passengers, two million tons of freight – is less important.
Although being the largest state-run enterprise, the immense power of patronage it embodies makes it politically very lucrative.
In the coalition era, the ministry has always gone to an ally with considerable political heft.
The Sensex closed at 15,411 after recovering over 150 points from the day’s low. The index was led lower by losses in Infosys, ONGC and SBI.