Union Budget: Indian Railways is set to undergo unprecedented modernization and expansion in FY 2023-24. In the Union Budget announced on February 01, the Railways received a capital outlay of Rs 2,41,267.51 crore. The allocation is about nine times the outlay made since 2013-14.
Investment in focus
The ministry is looking to focus on investing in the laying of new tracks, conversion of narrow gauge to broad gauge, doubling of new lines, and construction of bridges, tunnels, etc. To boost connectivity to the remotest part of the country, the laying of a new track is most important. A total amount of Rs 31,850 crore has been allocated for the new lines. For gauge conversion, an amount of Rs 4,600 crore has been made.
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For the electrification project, an amount of Rs 8,070 crore has been made while for the work of the bridge, tunnel, and other approaches, Rs 1,255 crore has been allotted.
A look at the allotment of funds for various central sector schemes/projects –
- Doubling of railway tracks – Rs 30,749 crore
- Computerization – Rs 425 crore
- Track renewals – Rs 17,296.84 crore
- Traffic facilities (Yard remodelling and others) – Rs 6,715 crore
- Railway research – Rs 61.50
- Rollick Stock – Rs 37,581 crore
- Leased assets (Payment of Capital Component) – Rs 22,228.57 crore
- Signaling and Telecom – Rs 4,198.22 crore
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An amount of Rs 2,450 crore has been allotted for the Metropolitan Transportation Projects.
The net revenue expenditure of Railways is placed at Rs 2,65,000 crore in the Budget Estimate (BE) 2023-24 as against Rs 2,42,892.77 crore in Revised Estimate (RE) 2022-23. An amount of Rs 487.51 crore and Rs 7890 crore has been provided in the BE 2023-24 towards the reimbursement of loss on the operation of strategic lines and debt servicing of market borrowings for National Projects respectively.