The Indian Railways will borrow Rs. 15,000 crore from the market through its dedicated financing arm IRFC in the 2012-13 fiscal, railway minister Dinesh Trivedi said on Wednesday.

For the fiscal beginning April 1, the Indian Railways has targetted an annual plan outlay of Rs. 60,100 crore, which is the highest-ever plan investment, he said while unveiling the Rail Budget in the Parliament.

"The plan would be financed through (among other ways) extra budgetary resources of Rs. 16,050 crore, which includes market borrowing of Rs. 15,000 crore through Indian Railway Finance Corporation (IRFC)," Trivedi said.

For the current fiscal, the gross budgetary support for railway ministry stood at Rs. 24,000 crore, Railway Safety Fund of Rs. 2,000 crore and internal resources of Rs. 18,050 crore.

Among other things, Trivedi also announced hiking passenger fares ranging from 2 paisa per kilometre to 30 paisa per kilometre in various categories of trains despite noting that Railways was passing through a "difficult phase".