The Railway Ministry has proposed a proposal for creating a Rs 1.19 lakh crore fund for safety related works to be operationalised over the next five years, the Centre told the Lok Sabha on Wedesday.
Assuring the Lower House of the Parliament that track renewal works are prioritised for safe running of trains, Railways Minister Suresh Prabhu said total railway track length stood at 1,17,996 kilometres as on March 31, 2015 and their renewal is a constant activity.
"A proposal for creation of graded Rastriya Rail Sanraksha Kosh (RRSK) of total Rs 1,19,183 crore for safety-related works to be operated over the next five years has been sent to the Ministry of Finance for reconsideration," Prabhu said during Question Hour.
Under the fund, Rs 44,979 crore is likely to be spend on civil engineering assets including track renewal, rehabilitation of bridges and isolation of railway lines, among others.
Track length of 2,950 kms has been sanctioned for renewal in the current financial year compared to 1,028 kms sanctioned in 2014-15, the minister said.