Finance Minister Nirmala Sitharaman on Wednesday announced Rs 2.40 lakh crore of capital outlay for the development of Indian Railways. While announcing the Budget for the financial year 2023-24, Sitharaman said that this is the highest-ever allocation of outlay to the Indian Railways since the year 2013-14.
“The Indian Railways capital outlay has been set at 2.40 lakh crore, highest ever; 9 times of what was in 2013,” the Finance Minister was quoted on February 1. According to the reports, the allocation of Rs 2.40 lakh crores to the Indian Railways is an increase of 65.6 per cent on the year.
The railways received Rs 1.4 trillion in the Union Budget 2022-23, with Rs 1.37 trillion designated for capital expenditure and Rs 3,267 crore designated for revenue expenditure. The current funding will be used to construct railway lines, wagons, trains, electrification, signalling, and station amenities, with an enhanced focus on safety.
Reports also mention that the Railway Budget announced today by the Finance Minister is to focus specifically on the development of the new Vande Bharat trains as part of the Budget announcements. Also, the funding will be used to introduce hydrogen-powered trains as well as the Ahmedabad-Mumbai bullet train project.
The Budget 2023 focuses on seven goals, dubbed the Saptrishis leading the country through Amrit Kaal, by the Finance Minister. These are inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, youth power, and financial sector”. Budget 2023 has also been dubbed as the first Budget of Amrit Kaal and the roadmap for India@100, by the Finance Minister.
Sitharaman while announcing the budget also said that the economy in the current year would grow at 7 per cent. “This is the most of any big economy. Despite the difficulties, India is on the right course. Since 2014, the government’s efforts have resulted in improved quality of life. Many development targets have seen tremendous improvement,” she said.
Since 2014, the government’s efforts have provided a higher quality of life and a life of dignity for all residents. The per capita income has more than doubled to Rs 1.97 lakhs. According to FM Sitharaman, the Indian economy has grown from the tenth to the fifth largest in the globe in the last nine years.
