"CII also welcomes the decision of the Minister to hold the freight rates, and in fact reducing it for foodgrains and kerosene. In the current economic situation this is the appropriate decision and industry has wholeheartedly appreciated this," Banerjee said.
The director said that the budget has revived the private sectors interest to contribute in developing the Indian railways.
"The Railway Budget 2010-11 carries the agenda forward from the last Budget presented by the Hon"ble Railways Minister. Kum Mamata Banerjee has made the most encouraging announcements in terms of involvement of the Private sector in the development of Railways, particularly in the vision that has been laid out in the 2020 document," he said.
He said that CII was looking forward to working with the Indian Railways.
"In the area of technology and safety, there are some bold decisions by the Minister and CII is hopeful that with our membership, which comprise some of the most advanced companies in these fields, we shall be able to work with the Rail Ministry to implement these measures."
"CII is particularly encouraged by Minister"s allusions to the proposed PPP projects. It is our belief that this would give the right signals to investors in India and abroad to look at Indian Railways in a new light."