Railway Budget 2023: Rs 2.4 lakh crore allocated, 9 times the outlay made in 2013
The Indian Railways is set to get a capital expenditure push of Rs 2.4 lakh crore in the financial year 2023-24, an increase of 65.6 percent when compared to 2022-23. "It is highest ever; 9x of what was in 2013," Sitharaman said in her Budget speech on February 1.
FollowFinance Minister Nirmala Sitharaman on Wednesday announced a total capital outlay of Rs 2.4 lakh crore for Railways in the Budget 2023-24, the highest-ever allocation since 2013-14. This capital outlay is 9 times that in 2013-14.
“This is about nine times the outlay made in 2013-14," she said during the Budget Speech 2023. She added that a total of 100 critical transport infrastructure projects have been identified for implementation.
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Additionally, she declared that Rs 75,000 crore will be allocated to 100 "important transport infrastructure projects," which is expected to benefit the railroads as well, particularly its freight division. Railways has been a priority of almost all governments so far. In 2016, the government not to present a separate Railway Budget, but it continues to be a prime part of the budget overall.
The funds will be spent on building railway tracks, wagons, trains, electrification, signalling, and developing facilities at stations while focusing on safety. The railway ministry is targeting 100 percent electrification of its network by 2023 and laying of at least 2,000 km of new tracks, as well as rolling out new Vande Bharat trains.
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As India celebrated 75 years of independence, Sitharaman began her budget address by referring to it as the "first budget of Amrit Kaal," a word created by PM Modi's administration to describe a better future. She outlined seven goals for the fiscal year 2023–2024, including "inclusive development, reaching the last mile, agriculture and investment, unleashing potential, green growth, youth power, and the financial sector."
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