Industry bodies have welcomed Railway Budget for 2016-17 terming it as growth-oriented. They say the three new freight corridors envisaged by 2019 will help reduce transportation costs. Assocham President Sunil Kanoria said Railway Minister has given a no-tariff hike budget without compromising on capital expenditure for increasing carrying capacity even in a challenging economic environment. CII President Sumit Mazumder said the focus on completion and implementation of projects is good. He said the creation of three new corridors will act as a catalyst for reducing the logistics cost.