Railway Budget 2024-25: This is the first railway budget under Modi 3.0 and going by the momentum set by previous budgets, expectations are high this year as the Centre is expected to reinforce driving transformative growth over the next five years. With a keen focus on passenger comfort and convenience, modernizing stations, improving connectivity, and upgrading train services are paramount. Moreover, addressing last-mile connectivity for freight and logistics is anticipated to boost revenues significantly amidst a growing industrial sector.
Improving passenger experience
“Today, passengers in India are well-acquainted with global trends in convenience and comfort. It is imperative to capitalise on this by improving passenger experiences, which not only enhances satisfaction but also boosts revenue
significantly. Efforts should focus on modernising railway stations, increasing connectivity, and upgrading train services to align with international standards,” says Harsh Varshneya, principal architect at STHAPATI.
Increasing Passenger Traffic
If the railway budget 2024 focuses on improving passenger experience, it is bound to increase passenger traffic as well. As Varshneya puts it, “Drawing people to railways in major parts of the country is a challenge. With the growing aviation sector, efforts will need to be made to ensure that railways can still attract passengers by improving the infrastructure of railway stations, providing faster connectivity, and providing better train services that are in line with global standards.”
Freight and Logistics
With a major thrust on the industrial sector and more international houses setting up bases in India, freight and logistics is also one sector in which we can expect railways to resolve the last-mile problem. If they do, it will surely increase revenues drastically.
Transportation Hubs/Multi-Modal Hubs
Budget announcements are critically important for transportation hubs in Indian Railways as they dictate funding allocations and strategic priorities for infrastructure development, modernisation, and service enhancement.
Mitu Mathur, Director, GPM Architects and Planners says, “Developing railway stations as multimodal hubs will enhance the overall quality of urban infrastructure by reducing distances and travel time, leading to economic revitalisation and social upliftment channels.”
She further adds that Development of railway stations should be considered as channels of economic revitalisation and social upliftment as they generate more employment opportunities and unlock the real estate opportunities of otherwise under-utilised land parcels.