Friday, September 30, 2022

Indian Railways: Ashwini Vaishnav launched the programme, which brought in 844 crores in three months.

Asset e-auction by Railways: Over the past three months, Railways has made approximately Rs 844 crore from the e-auction of its assets. The funds were raised through leases for restrooms, parcel space, and parking lot contracts. They were also raised through advertisements placed in railroad facilities. In June of last year, Ashwini Vaishnav, the minister of railways, began conducting these commercial activities through electronic auctions. This will facilitate the hiring of small business owners and speed up the contract awarding procedure.

Railways awarded 1200 contracts

The introduction of the e-auction portal, according to Railways, has increased revenue and supported determining the true value of railway assets. According to Railways, “After the launch of the commercial asset e-auction portal, approximately 1,200 contracts for 8,500 assets have been awarded so far. The contracts that have been awarded total Rs 844 crore.

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The majority of contracts deal with the rights to place advertisements in train coaches and in rail station spaces. From the 374 contracts awarded in this, the railways will receive Rs 155 crore. Similar to this, Rs 226 crore will be received from 374 contracts for parking spaces, Rs 385 crore from 235 contracts for parcel space, and Rs 78 crore from 215 contracts for paid restrooms. Among all segments of railways, the Bengaluru division has collected the highest amount of Rs 34.52 crore through e-auction of a parcel space.

E-auction in Delhi Division also
The Delhi Division has now entirely switched to using e-auctions to lease out its assets. Out of the 274 SLR coaches properties that are available for lease, e-auction contracts have been awarded for 12 of them. Additionally, since bidders’ identities are kept a secret from each other and the Indian Railways, the online process for awarding contracts is a way to weaken cartels that operate in this industry.

Read More: Know the Price, Features, and Engine Power of the Toyota Innova Crysta Limited Edition well before festive season.

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