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The Union Minister of Finance, Shri P. Chidambram has said that Indian Railway Accounts Service personnel should improve their competence and bench mark it and be feared for its independence. Inaugurating a two day long seminar on Financial Management in the Government—Challenges Ahead to mark the Platinum Jubilee celebrations of Indian Railway Accounts Service on completion of 75 years of managing railway finances here today, Shri Chidambram said that the Railways have made remarkable performance with a record growth of 8.31 per cent, indicating economy was doing very well and the railways were playing an important role.
Talking at length about the role of Indian Railways in the national economy, the Finance Minister said that the Railways could still do better if they adopted best practices in raising finances and controlling costs. He said that resources were not the problems as there were huge savings and gold reserves, not used for productive uses so far. There were huge opportunities to tap investments from abroad as well. The only constraint was our ability to take bankable projects. He said that the Railways should integrate its social purposes with commercial viability. A better financial health of Indian Railways would serve remarkable social causes. He said that Indian Railways were performing well in the development of infrastructure, medicare, sports, relief works, employment. All these could further improve within the frame of financial viability of the system. It was in this context that Indian Railway Accounts Service (IRAS) could play an important role. Its was not the job of a book keeper but financial advisors, treasury managers sourcing cheapest finances. He asked the IRAS to walk the straight path while improving its competence. There were challenges ahead in the days to come.
The Minister of State for Railways, Shri R. Velu in his address called for keeping the finances of Railways strong as finance was a core sector in any organization. The Minister of State for Railway, Shri Narayanbhai J. Rathwa, who also spoke on the occasion, congratulated IRAS on completion of 75 years and asked them to improve further the finances of Indian Railways.
The Chairman Railway Board, Shri R.K. Singh acclaimed the work of IRAS hoping that in an year and a half, hence, accounting standards of Indian Railways would be one of the best in the world. He was happy to state that operating ratio of Indian Railways has improved to 91-92 from 98 plus during the last six years and Indian Railways were on the path of recovery. The Financial Commissioner, Indian Railways, Smt. Vijyalakshmi Vishwanathan in her key note welcome address said that IRAS has contributed substantially to financial management of Indian Railways.
IRAS has played a pioneering role in the field of computers; introduction of techniques of modern financial management like Discounted Cash Flow (DCF) and ‘exception’ reporting; exchequer control as a refinement in budgetary control; restructuring of the budgetary and accounting system including institution of a system of performance budgeting and responsibility accounting, traffic costing, implementation of incentive scheme in workshops and taking over of pension work from the Auditor General.
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