An MoU between Ministry of Railways and National Academy of Indian Railway (NAIR) for setting up of “C.T. Venugopal Chair on Strategic Finance, Research and Policy Development” signed
In the august presence of Minister of Railways, Shri Suresh Prabhakar Prabhu the following activities were inaugurated today at Rail Bhawan : -
1. Release of Compilation of Railway Budget Speeches from 1924-25 to 1946-47.
2. Signing of MOU between Ministry of Railways and NAIR/Vadodara for setting up of C.T. VENUGOPAL Chair on Strategic Finance, Research and Policy Development for Indian Railways at NAIR/Vadodara.
Financial Commissioner Railway Board Shri S. Mookerjee, Member Staff, Shri Pradeep Kumar and other Board Members, and other senior officials from both the sides were also present on the occasion. The MoU was signed by Addl. Member Finance, Railway Board Shri K.B. Nanda on behalf of Railways whereas it was by signed by the Director General Shri Rajeev Gupta, National Academy of Indian Railways. The MoU was signed in the context of Railway Minister’s Budget Announcement of 2016-17. The MoU aims to enhance research, ideas for use of best railway finances.
Speaking on the occasion, Minister of Railways said that investment in Railways now needs to be stepped up. He said that today’s MoUs will not only explore new ideas in the finance field but also bring together all modes of investment. He said that the MoU would focus and promote research on issues of emerging financial challenges before the Railways.
SALIENT FEATURES OF THE ACTIVITIES
· C.T. VENUGOPAL Chair on Strategic Finance, Research and Policy Development for Indian Railways
Setting up of the C.T. Venugopal Chair on ‘Strategic Finance, Research and Policy Development’ was part of the Budget Announcement for 2016-17. The chair will be set up at NAIR and subsequently shift it to the Finance Faculty of National Rail University coming up at Vadodara.
The Chair is being named after Shri C T Venugopal, who was the first officer to be recruited to the Indian Railways Accounts Service. He was also responsible for division of railway assets between India and Pakistan.
This Chair would focus and promote research on issues of emerging financial challenges and opportunities for Railways in India in particular and transport sector in general.
The Chair Professor would collaborate with Indian Railways, and all its stakeholders for joint research activities and policy issues like financial planning & forecasting ,strategic financing, strategic planning & capital management.
It will also be the think-tank in the area of Alternative Finance, drawing expertise and inputs from various financial experts from other sectors like Government and other National / International organizations.
The Chair will be filled up through open advertisement and due selection process. The duration of Chair will be initially for three years extendable by another two years.
Since Indian Railways is providing the corpus for the Chair, for Indian Railways shall hold first rights for IPR in respect of any design concepts, new financial product or processed design produced as an outcome of this MOU.
· Release of Compilation of Railway Budget Speeches from 1924-25 to 1946-47
For understanding the growth of Indian Railways and its finances, the Budget directorate of the Railway Board, Ministry of Railways has complied the speeches of successive Railway Members of the Viceroy’s Council and Railway Ministers of the Indian union made during presentation of Railway Budget in Parliament from 1924-25 to 1946-47. These speeches being significant policy documents will help in understanding the growth of Indian Railways and its finances. The material for was compiled from various sources including the National Archives, the Teen Murti library, the Parliament House library etc. This compendium has intended to bring these speeches in their true perspective. The book was released by Minister of Railways on 29.06.2016.