Kolkata, Jan 27 (IANS) The Railway Board is planning to formulate a new model for public private partnership (PPP) projects in order to create a level playing field for private players without harming the interest of the railways.

“For the PPP models to succeed, private entrepreneurs who are going to invest money in the railway projects must also get a level playing field. Without compromising the railways’ interest, we must also take care of the private players because they are putting money into it,” Railway Board Chairman Vinay Mittal said.

“So it has to be made attractive enough. Otherwise, everything will remain on paper only. We are already in the process of finalising it,” he added.

Mittal admitted that the railways would fall short of passenger revenue this year.

“We had set a target of 8.2 billion passengers and achieve a target of Rs.30,000 crore as revenue. But we will fall short in that because the earnings have not come, although the figures are there,” he said.

“We hope to achieve an operating ratio of 92 percent in this financial year,” he said.

Mittal said an urgent plea has been made to the central government for funding in the Twelfth Plan.

“We have received Rs.20,000 crore budget support this time (2011-12). But if we want to do exponentially well and move forward, we need much more than that. We would be happy if we get more than that this year (2012-13 budget),” he added.