The Railway Ministry will shortly come out with a White Paper on its current financial status.
"This will help us in formulating the Railways' future plan," Railway Minister Mamata Banerjee told reporters soon after presenting the 2009-10 rail budget in Parliament today.
The document will be based on Railways' performance during the last five years, she said.
The Ministry was headed by RJD chief Lalu Prasad in this period, which was the first tenure of the UPA government.
"The White Paper will be used for framing a suitable strategy and roadmap for the coming years. We will draw long-term as well as short-term action plans," she said.
To a question on trouble-torn Lalgarh in West Bengal, she said railway stations in its neighbouring areas like Midnapore and Bankura will be developed.
Highlighting the need for a dedicated freight corridor, she said it would be known as 'Diamond Rail Corridor' because it will adorn the country "like a necklace".
"We will develop Eastern Industrial Corridor alongside the Eastern Freight Corridor, which will generate business opportunities for industries and provide jobs," she said.
Railways will create land banks for effective utilisation of its surplus land, she said.