Union Budget HIGHLIGHTS for India Railway in 2023-24
The Indian Railways can be called the lifeline of India's transport system, connecting villages, towns, and cities across the country in a cost-effective and efficient manner. Every year, the Union Budget is a highly anticipated event with all eyes set on the proposals for the railways in the latest budget. These will set the tone for new development projects to enhanced levels of safety and comfort for passengers.
Proposals for Railways in Union Budget for FY 2023-24
The Union Budget highlights with respect to the Indian Railways are mentioned below:
· A total of Rs 2.40 lakh crore has been earmarked in capital expenditure for the Indian Railways in the Union Budget 2023-24. This is approximately nine times the amount spent in fiscal year 2013-14.
· Capex will rise more over the next few years and the railway system will evolve as a national growth engine.
· Increased private investment will be made in the infrastructure sector of the railways. The Infrastructure Finance Secretariat, which has been developed recently will support all stakeholders like roads, power, railways, and urban infrastructure which rely primarily on government resources.
· The Union Budget 2023-24 is expected to benefit the middle-class sector since railways are not likely to increase passenger ticket or freight fares.
· A comprehensive description of the Indian Railways' budget estimates, allocations, revenue, and annual statements will be provided by the finance minister.
· The Railway budget 2023 is likely to encourage the Make in India effort and to emphasise the importance of renewable energy.
· The Indian Railways has designed an autonomous railway protection system called Kavach (Train Collision Avoidance System). This system will focus on preventing accidents caused by human errors.
· By 2030, the Indian Railways aims to become a Net Zero Carbon Emitter. It intends to lower its carbon footprint and reliance on imported fuel, while saving foreign exchange.
· The Indian Railways is introducing Kavach in stages. It has been implemented for 1,455 route km on the South Central Railway with 77 locomotives till 23 December 2022. Kavach work is underway on the Delhi-Mumbai and Delhi-Howrah sectors (3000 route km).
· The railway track doubling between Surendranagar and Rajkot is nearly complete. The Ministry of Railways states that 92% of the 116.17 km long doubling project is finished.
· The Udhampur Srinagar Baramulla Rail Link (USBRL), which was implemented to build a broad-gauge railway line over the Himalayas is now 90% finished. Through this project, Kashmir will be connected to other parts of India.
· The Sivok-Rangpo New Broad-Gauge Rail Line Project is now more than half completed. Sikkim will be connected to the rail network with the help of this project. This railway line will stretch 44.96 km from Sivok to Rangpo. A small railway line of 41.55 km will stretch in Sikkim.
· The introduction of Vande Bharat Express has brought a significant improvement in terms of speed and convenience. Because of its rapid acceleration and deceleration, the train may reach a maximum speed of 160-180 km per hour. With these trains, the journey time will be reduced by 25% to 45%.
· In the coming three years, 400 new-generation Vande Bharat Express trains will be constructed and manufactured. Additionally, more money will be allocated for the new Vande Bharat trains and the sleeper-class Vande Bharat 2.0.
