New Delhi, May 4 (IANS): Railway Minister Suresh Prabhu on Thursday said the national carrier is targeting to earn USD 6-7 billion in none-fare revenue in the next few years.

Speaking at the 25th Annual General Meeting (AGM) of the American Chamber of Commerce here, Prabhu also said the railway network was expected to be fully electrified in the next five years. 

"As opposed to over 1,700 per cent increase in traffic over the years, the infrastructure has grown by just 30-40 per cent. That is why we have been stressing on building up infrastructure like doubling and tripling of tracks," he said. 

"Only 40 per cent of our tracks are electrified, so we have decided to electrify all tracks and also convert all the meter-gauge tracks into broad gauge. So, in the next five years, the railways will have only one track that is broad gauge that too almost fully electrified," he said. 

Prabhu said the railways was adopting new measures, both to cut down the cost of operation and enhance its revenue sources.

"We are taking measures to enhance our non-fare revenue. We are targeting at least USD 6-7 billion of non-fare revenue in the next few years. We get more than eight billion footfalls annually and if we can monetise it, one can only imagine the immense value the railways can earn," he said.

The railways has launched various policy initiatives to increase non-fare revenue including out-of-home advertisement, content on demand, branding of trains and ATM policy, among others.

He said the railways was expecting to save over USD 6.5 billion in next 10 years by cutting down its energy expenditure.

"The second-biggest expenditure of the railways is energy. We are taking energy-efficient measures, using more renewable energy, buying power through open bidding process, etc. We hope to save USD 6.5 billion in the next 10 years," he said.

He also said that the railways freight revenue had increased through various reforms, including lowering of rates.