Source: Ministry of Railways, 1st February, 2023
Union Finance Minister Nirmala Sitharaman presented Union budget 2022-23 to the parliament today. Budget has proposed record budgetary allocation of 29354 million USD (INR 2.4 Lakh Crore) 71% higher than previous budget of 17123 million USD (INR 1.4 Lakh Crore). These funds will be utilized in developing new tracks, coaches, trains, signaling and electrification, safety improvements and development to stations infrastructure.
From 2018 Railways budget is merged with Union Budget. Railways sector has witnessed unprecedented growth during last eight years.
Source: Economic Survey 2022-23
|Description||Average during 2009-14||Average during 2014-19||2019-20||2020-21||2021-22||2022-23 (BE)|
|NL, GC & Doubling||10,623||40,389||52,446||43,597||66,690||78,576|
|Other Plan Heads||12,219||23,801||37,440||54,375||55,609||96,646|
|Source: Ministry of Railways|
|Note: NL: New lines, GC: Gauge Conversion|
The fast pace of infrastructure augmentation by Railways has been a result of substantial increase in allocation of funds and various steps being taken by the government. This includes delegation of powers at the field level which has helped in commissioning of doubling projects, close monitoring of the progress of projects at various levels, regular follow-up with State Governments and relevant authorities for expeditious land acquisition, forestry and wildlife clearances and resolving other issues pertaining to the projects.
Surely this will boost investment from industry in the development of sector as this is going to offer huge opportunities to all the players.