New Delhi Railways Minister Lalu Prasad on Tuesday announced a cut of Rs 50 in passenger fares for express trains as he presented the annual budget for one of the world's largest rail networks.
He cut fares for all classes of travellers on the majority of India's trains as the network attempts to take on a string on new cut-price airlines.
Lalu also reduced rail freight rates for petrol and diesel by five per cent in moves which could help the Government stem rising inflation and woo voters ahead of elections due by May 2009.
Much of the budget centered on modernising rail infrastructure, which needs a major overhaul to keep pace with a fast-growing economy.
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