Budget 2023 updates: Railways gets INR 2.40 lakh crore capital, highest ever
For Indian Railways, Finance Minister Nirmala Sitharaman has announced an outlay (money that is spent, especially in order to start a business or project) of INR 2.40 lakh crore in the Union Budget 2023-24, the highest in almost a decade and four times the last year’s budget.
“The Indian Railways capital outlay has been set at 2.40 lakh crore, highest ever; 9x of what was in 2013,” Finance Minister Nirmala Sitharaman said in her Budget speech on February 1.
She also announced INR 75,000 crore for 100 “critical transport infrastructure projects”, which are also expected to help the railways, especially with its freight business.
The railways allocated INR 1.4 trillion in the Union Budget 2022-23, of which INR 1.37 trillion is earmarked for capital expenditure and INR 3,267 crore for revenue expenditure.
Finance Minister Nirmala Sitharaman in her budget speech for 2022-23 had said that India will manufacture 400 new Vande Bharat trains in the next 3 years. At the same time, Railway Minister Ashwini Vaishnav welcomed the announcement and said that the integration of posts and railways would bring better logistic solutions for the people living in remote areas. He also said that the railways would introduce new products and services for small farmers and enterprises.
Budget 2023 – The funds will be spent on building railway tracks, wagons, trains, electrification, signalling, and developing facilities at stations while focusing on safety.
The Finance Minister told that 100 new schemes will be started in the Railways. Apart from this, a fund of INR 75 crore has been given for new schemes. 100 schemes have been identified with the help of the private sector. On which further work will be done.
Merger of Rail Budget with Union Budget
An interesting fact about the rail budget is that earlier the rail budget was presented separately, it was not a part of the general budget, but in 2017, the Modi government ended this tradition and made the rail budget a part of the general budget. Since then, the Railway Budget is also presented along with the General Budget. It was told that the NITI Aayog had given such advice to the government.
For the 2023-24 fiscal year, Nirmala Sitharaman listed seven priorities: “Inclusive development, reaching the last mile, agriculture and investment, unleashing potential, green growth, youth power, and the financial sector.”
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