Railway minister Lalu Prasad Yadav had promised a "good" railway budget that would take into account interests of all sections of society, as well as safety and security issues, a day before its presentation in Parliament.

"People can hope for a good budget. I have tried to address interests of all sections of people. Safety and security issues were kept in mind while preparing the budget," said Yadav. He would appear to have kept his word. India Inc, in particular, has given the railway ministry's effort its thumbs up.

Broad comments from industry leaders immediately after the budget was presented, amidst some hullabaloo in the Parliament, are very positive. They point out that the new budget's stress on economic development is a very welcome change, marking as it does a significant shift from passenger-related issues, to broader developmental ones.

The simple truism that any economy grows on wheels, road or rail, appears to have been recognised by the budget. Construction of dedicated freight corridors, India Inc points out, is a very welcome move, for it not only takes into account the country''s economic growth but also intends to act as a facilitator.

The initiatives announced with regard to containers and freight services, is expected to help the industry, as increased container traffic is bound to bring down the cost to end-users. India Inc, in particular, welcomed the freight rate cuts on petrol, diesel and iron ore saying that it will impact the economy positively.

The railway minister, while not hiking freight rates, also announced a reduction in rates of diesel and petrol by 5 per cent, beneficially impacting transportation costs on the movement of goods and commodities. He also reduced freight by 6 per cent on iron ore and limestone.

Assocham also welcomed the Railway Budget for successfully linking old economy with the new and taking full advantage of modern technology.

D S Rawat, secretary general, Assocham, said, "Besides, facilities provided to the economically weaker sections, traders, physically challenged and senior citizens and others are welcome."

FICCI president Habil Khorakiwala said that the fact that the rail budget has cut passenger fares, and yet refrained from increasing freight rates, suggests that it is now working like a private sector corporation. He said that this was good news for the country, and those other public service areas, such as education and health should also follow the Indian Railways' example. This should sum up India Inc''s overall response to Lalu Prasad Yadav''s presentation in Parliament today.

The fact that there was not even a furrow on Lalu's brow as he made his presentation, amidst the entire hullabaloo, would show that he knew the budget was headed in the right direction.

Those raising the ruckus might be feeling a little bit more foolish now, given the reaction coming on board, than in the Parliament Hall when Lalu chugged on, refusing even to slow down, let alone pick up, disgruntled passengers a few yards away from him.