New Delhi, March 18: Indian Railways is providing more subsidy to passengers as the cost of travel per km by train is Rs 1.38 but passengers are charged only 73 paise — meaning 47 per cent subsidy, Union Minister of Railways Ashwini Vaishnaw has informed.

The Indian Railways is not only providing safe and quality services to passengers at affordable fares but is also making a distinct identity at the global level, the minister said during the discussion on the working of the Ministry of Railways in the Rajya Sabha.

He mentioned that in India, railway fares are lower compared to neighbouring countries like Pakistan, Bangladesh, and Sri Lanka, whereas in Western countries, they are 10 to 20 times higher than in India.

In the financial year 2022-23, passengers were given a subsidy of Rs 57,000 crore, which increased to approximately Rs 60,000 crore in 2023-24 (provisional figure).

“Our goal is to provide safe and better services at minimal fares,” said the minister.

Highlighting the benefits of railway electrification, the Union Minister said that despite the increasing number of passengers and freight transport, energy costs have remained stable.

The Indian Railways is working on the target of achieving ‘Scope 1 Net Zero’ by 2025 and ‘Scope 2 Net Zero’ by 2030.

He informed that the export of locomotives manufactured at the Madhepura factory in Bihar will begin soon.

Currently, Indian Railways’ passenger coaches are being exported to Mozambique, Bangladesh, and Sri Lanka, while locomotives are being sent to Mozambique, Senegal, Sri Lanka, Myanmar, and Bangladesh.

Apart from this, bogie underframes are being exported to the United Kingdom, Saudi Arabia, France, and Australia, while propulsion parts are being sent to France, Mexico, Germany, Spain, Romania, and Italy.

This year, 1,400 locomotives have been produced in India, which is more than the combined production of America and Europe.

Along with this, 2 lakh new wagons have been added to the fleet. The Minister stated that in the financial year ending March 31, Indian Railways will transport 1.6 billion tons of cargo, making India one of the top three countries in the world, including China and America.

This reflects the increasing capacity of the railway and its significant role in the logistics sector.

Vaishnaw assured that the railway would emerge as a more modern, safe, and environmentally friendly transportation system in the future.

Mumbai: In a relief for Adani Group chairman Gautam Adani and managing director Rajesh Adani, the Bombay High Court on Monday discharged them in a case of alleged violations of market regulations amounting to nearly Rs 388 crore observing that no case of cheating or criminal conspiracy was made out.

In 2012, the Serious Fraud Investigation Office (SFIO) initiated a case against Adani Enterprises Limited (AEL) and its promoters, Gautam Adani and Rajesh Adani. It filed a chargesheet accusing them of criminal conspiracy and cheating.

Later, in 2019, Gautam Adani and Rajesh Adani approached the High Court, seeking to quash a sessions court order from the same year that refused to discharge them from the case. In December 2019, the High Court granted an interim stay until January 13, 2020, which was subsequently extended from time to time.

Justice RN Laddha discharged the two industrialists saying that after evaluating the submissions and the records it is “evident that the complaint fails to satisfy the essential ingredients of the offence of cheating”. The judge said that when the offence of cheating itself is not made out then even the charge of criminal conspiracy becomes unsustainable.

In a detailed order, the HC said: “A fundamental requirement for an offence under section 420 of the IPC (cheating) is the presence of an element of deception, which leads to the victim suffering from loss while the accused gains wrongfully.” It added that in the present case, there is a “conspicuous absence” of any such allegations from an affected party, it added.

“Merely by asserting that the accused has made a wrong gain without demonstrating the corresponding wrongful loss or deception suffered by a specific victim does not suffice to attract the offence of cheating,” the court underlined.

The court turned down SFIO’s request to stay the order to allow them the approach the Supreme Court.

The SFIO had filed a chargesheet in 2012 against 12 accused, including the Adani’s, for allegedly providing funds and shares to Ketan Parekh to facilitate illegal activities in the capital market. They were accused of cheating and criminal conspiracy. However, a local magistrate discharged them from the case in May 2014.

Following an appeal by the SFIO, the sessions court, on November 27, 2019, set aside the magistrate’s order. The sessions court observed that the SFIO had prima facie established a case of “unlawful gain” by the Adani Group promoters and Parekh, amounting to approximately Rs388 crore and Rs151 crore, respectively.

The Adani’s approached the High Court against this order, claiming that the sessions court’s decision was “arbitrary and illegal.” Their plea contended that “except for bald and general allegations of criminal conspiracy, no offence of cheating is disclosed against the petitioners, and the allegations are groundless.”

The case involved allegations of market regulation violations amounting to nearly Rs 388 crore. It stemmed from concerns over regulatory compliance and financial transactions flagged during an investigation.

New Delhi, March 17: Leading automaker Maruti Suzuki India Ltd on Monday announced its third price hike this year — up to 4 per cent which is effective from April — to offset rising input costs amid moderating sales.

The price increase on the vehicles from next month will vary depending on the model, according to an exchange filing by the company.

“In light of rising input costs and operational expenses, the company has planned to increase the prices of its cars from April, 2025. The price increase is expected to be up to 4 per cent and will vary depending on the model,” said Maruti Suzuki India.

“While the company continuously strives to optimise costs and minimise the impact on its customers, some portion of the increased cost may need to be passed on to the market,” it added in the filing.

The company had previously raised car prices on January 1 and February 1.

The leading car manufacturer clocked a 16 per cent increase in net profit to Rs 3,727 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 3,206.8 crore in the same quarter last year.

On a standalone basis, the company’s net profit rose 13 per cent year-on-year to Rs 3,525 crore from Rs 3,130 crore in the same quarter last year.

Meanwhile, the Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, last month announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

Maruti Suzuki is currently exporting three lakh vehicles from India annually.

By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.