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NDTV
20 minutes ago
- NDTV
Railways Understated Working Expenses In 2022-23: CAG Report
New Delhi: Railway's total earnings and expenditure from its operations when compared with its cross subsidising records showed that it understated its expenditure in the financial year 2022-23 by more then 5,000 crore, the Comptroller and Auditor General's report, recently tabled in the Parliament, has revealed. The CAG found that while the Railways, after working out its earnings and expenditures, presented a net profit of Rs 2,517.38 crore, when the loss in passenger services was compensated with the profit from freight services, it showed a net loss of Rs 5,257.07 crore. The audit showed that Railways' total working expenditure (including appropriation to various funds) stood at Rs 2,37,659.58 crore whereas its earnings from passenger, coaching, freight and other services were Rs 2,40,176.96 crore generating a surplus of Rs 2,517.38 crore. On the other hand, fiscal records related to cross subsidisation of passenger and other coaching services reflected that total expenditure in operation of all types of trains (passenger, coaching and goods) was Rs 2,45,393.71 crore and total revenue receipt (earnings) from all trains and sundry services was Rs 2,40,136.64 crore, incurring a loss of Rs 5,257 crore. "From the above, it may be observed that the total working expenditure in the summary of fiscal transactions has been understated," the CAG said. It added, "The understated expenditure will not reflect true Operating Ratio (OR). Taking into account the understated expenditure the OR would be 101.33." The audit found that when taking into account the net profit of Rs 2,517.38 crore, the Railways OR was 98.10 per cent. "A higher ratio indicates a poorer ability to generate surplus. Against the target of 96.98 per cent in the Budget Estimates, the OR of Railways was 98.10 per cent in 2022-23. This meant that Railways spent ₹ 98.10 to earn ₹ 100.00," the report said. According to the summary of cross subsidisation, Railways generated Rs 74,289.66 crore from all passenger operation services and Rs 1,65,846.98 crore from freight operations, making Rs 2,40,136.64 crore as total revenue receipts in 2022-23. In so far as its expenses were concerned, its expenditure on goods services stood at Rs 1,11,062.87 crore and passenger services at Rs 1,34,330.84 crore making a total of Rs 2,45,393.71 crore. The financial record further suggested that the Railway made a loss of Rs 60,041.18 crore from passenger services while it registered a profit of Rs 54,784 crore in goods services. "The loss of ₹ 5,257.07 crore in passenger operations was left uncovered during 2022-23. The profit from freight traffic was utilised to cross-subsidise the loss on operation of passenger and other coaching services," the audit said. The report also recorded the biggest operational loss from the Sleeper Class, Ordinary Class, and Second Class which stood at Rs 17,819.21 crore, Rs 17,076.90 crore and Rs 16,357.02 crore.
NDTV
20 minutes ago
- NDTV
Apple Leases Office In Bengaluru, To Pay Rs 6.3 Crore Monthly Rent
New Delhi: iPhone maker Apple India has leased around 2.7 lakh square feet of office space in Bangalore for 10 years with a starting monthly rent of Rs 6.3 crore, according to data analytics firm Propstack. Apple is the biggest exporter of mobile phones from India. It exported iPhones worth about Rs 1.5 lakh crore in the financial year 2024-25. The company has taken multiple floors including car parking space on lease from real estate firm Embassy Group. The iPhone maker is estimated to pay more than Rs 1,000 crore in rent, car park and maintenance charge over a period of 10 years, as per Propstack, which has reviewed the registration document of this leasing transaction. Apple declined to comment on an email query. The lease has been signed for a period of 120 months or 10 years with effect from April 3, 2025. The fresh investment from Apple comes despite US President Donald Trump openly calling out the company for expanding operations in India. The starting rent of the premise is Rs 235 per square feet per month and made a deposit of Rs 31.57 crore. The rent will escalate 4.5 per cent every year thereby leading to total payment of over Rs 1,000 crore. According to the documents, the company has leased nine floors starting from 5th till 13th floor in Embassy Zenith. Apple has several engineering teams spread across Bangalore and Hyderabad.
Time of India
32 minutes ago
- Time of India
Govt sanctions Rs 74.50cr for infra projects in Berhampur univ
Berhampur: State govt has recently approved Rs 74.50 crore for infrastructure development in Berhampur University. Earlier, the university authorities had given project proposals for approval, which included a 1,000-seater auditorium worth Rs 10 crore, separate science building worth Rs 20 crore, two hostels of 300 seats each for boys and girls (Rs 18 crore), two hostels for research scholars with 100 and 50 seats (Rs 6.50 crore), another two hostels of 200 seats for boys and girls (Rs 16 crore) and a boundary wall adjacent to Rangeilunda airport (Rs 4 crore). Tired of too many ads? go ad free now "We thank the govt for approval of the infrastructure development projects for the university," said vice-chancellor Geetanjali Dash. Dash said they have planned to bring all eight science departments under one block by constructing a separated building. New hostels for boys and girls students will be constructed as the existing hostels are not adequate to accommodate around 3,000 students, including research scholars. "The university will demolish two of its oldest hostels for boys and girls due to their dilapidated condition. We have proposed to set up two hostels for students of Lingaraj Law College," said the VC. Students of the college, located in silk city, stay in rented private hostels, as there are no accommodation facilities on campus.
