Union Rail Budget (2023-24) at a glance

The Indian Railways is known as the country’s transportation lifeline, connecting villages, towns, and cities across the country cost-effectively and efficiently.

Every year, the Union Budget is widely anticipated, with all eyes on the railway budget that details the various provisions for railways which connects the nations. The budget sets the tone for future development projects aiming at improving passenger safety and comfort.

Proposals for Railways in Union Budget for FY 2023-24

The Budget highlights for Railways are mentioned below:

• The Budget 2023-24 outlays a total of Rs 2.40 lakh crore as capital investment for the Indian Railways. This is around nine times the amount spent in fiscal year 2013-14.

• Over the next few years, capital expenditures shall rise further, and the railway system will mature as a national growth engine.

• More private investment will be undertaken in the railway infrastructure sector. The recently established Infrastructure financing secretariat is expected to assist all stakeholders such as roads, power, trains, and urban infrastructure that rely primarily on government resources.

• The Union Budget 2023-24 is predicted to boost the middleclass as railways are unlikely to raise passenger or freight fares.

• The Railway Budget 2023 is expected to support the Made in India initiative while emphasising the importance of renewable energy.

• The Indian Railways has developed a self-contained railway protection system known as Kavach (Train Collision Avoidance System). This technology has been designed to prevent mishaps caused by human mistake.

• The Indian Railways plans to achieve a Net Zero Carbon Emitter by 2030. It seeks to reduce its carbon footprint and dependency on imported fuel while saving foreign exchange.