Commenting on the railway budget, Titagarh Wagons Ltd (TWL) MD Umesh Chowdhary said it has encouraged the PPP model, which in turn will ensure a continuity of the growth momentum. Incidentally, TWL has recently entered into a JV with FreightCar America for manufacturing modern wagons.

"The current railway budget has proven that progress and growth of the Indian Railways is a sustainable one and not a flash in the pan," Chowdhary said.

The upward revision of cargo movement target from 785 million tonne to 790 million tonne is also commendable, he added.

Jessop chairman Pawan Ruia said that with the economy expected to grow at an average of 9% and with a cash surplus of Rs 25,000 crore, Lalu Prasad has done a commendable job by present-ing an infrastructure-growth oriented budget. The Indian Chamber of Commerce (ICC) too termed the budget as progressive. "The freight rate cut by 5% on petrol and diesel will help to curb inflation," an ICC statement said.

The president of Merchants' Chamber of Commerce Atul Churiwal and Bharat Chamber president P R Agarwala also complimented the railway minister for presenting an innovative budget.