Presenting his railway budget in parliament, he said that India also planned to invest 735 crores in the railways for the next five-year plan.
Meanwhile, talking about the hike in fares, he said that the railways will see 'no steep hike in fares'.
He said that the railways will see Rs 2 paise/km to 30 paise/km increase in fares, adding that this is the first hike in passenger fares in the last 10 years.
He also announced 75 new Express trains, 21 passenger trains, including 75 new services in Mumbai suburban rail network, while presenting Rail Budget.
He emphasised over the safety and modernisation of railways.