THE ECONOMY-Beneath the Gloss

All Is Not Well THAT the performance of the railways, both in physical and financial terms, has somewhat improved in recent years is no doubt true. But the railway minister, Madhavrao Scindia, seems to have indulged in an obfuscation of facts or at least a selective presentation of the facts. Scindia cites the net tonne km per wagon per day but not the operating ratio, that is, the total working expenses as a percentage of gross traffic receipts. The operating ratio has been deteriorating steadily since 1985-86, after which year the performance of the railways has continuously improved, according to Scindia. The operating ratio has moved adversely as follows