The Union Minister for Railways Suresh Prabhakar Prabhu leaving Rail Bhawan for Parliament House to present the Railway Budget 2015-16. The Minister of State for Railways, Manoj Sinha is also seen.

The Union Railway Minister Suresh Prabhakar Prabhu has announced the Railways intends to set up an innovation council called ‘Kayakalp' for the purpose of business re-engineering and introducing a spirit of innovation in Railways in accordance with the vision of Prime Minister for Innovation, Technology Development and Manufacturing.

Presenting the Railway Budget for 2015-16 in Parliament the Railway Minister opined that every dynamic and thriving organization needs to innovate and re-invent its practices.

The Railway Minister informed the members that Government of India has conferred Bharat Ratna on Pandit Madan Mohan Malaviya and to mark the centenary celebrations of Banaras Hindu University, Railways proposes to set up ‘Malaviya Chair' for Railway Technology at IIT (BHU), Varanasi. This Chair will help in development of new materials to be used in all assets of Railways.

Railways have decided to strengthen the RDSO into an organization of excellence for applied research. RDSO would collaborate with institutions of repute. Railways will set up in 2015-16 four Railway Research Centers in select universities for doing fundamental research.

The Railways Minister stressed on the need to invest in fundamental and applied research for seeking solutions to rail-specific issues. Railways intends to set up a technology portal to invite innovative technological solutions.

He informed the members that a consortium of Ministry of Railways, Ministry of Human Resource Development, Ministry of Science And Technology and Industries on an Investment Sharing Model is being set up as part of Technology Mission for Indian Railways to take up identified Railway projects for research.
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