Budget 2023: Sitharaman outlines highest ever Rs 2.40 lakh crore boost for Indian Railways

The Indian railway was characterised by high levels of inefficiency and highly congested routes unable to meet the growing demand.

New Delhi, Feb 01: Finance Minister Nirmala Sitharaman presenting the last full-fledged Union Budget 2023-2024 announced a Rs 2.40 lakh crore boost for the Indian Railways, increasing the budgetary allocation for the sector.

"A capital outlay of Rs 2.40 lakh crores has been provided for the Railways. This is the highest ever outlay and about 9x outlay made in 2013-2014," said Nirmala Sitharaman while presenting the budget.

Up to 2014, capex on railway was barely Rs 45,980 crore per annum and consequently, the railway was characterised by high levels of inefficiency and highly congested routes unable to meet the growing demand.

As more projects are taken on hand and several sources of capital funding are developed, capex will increase further in coming years and the railway system will actually emerge as an engine of national growth.

The Finance Minister stated that a capital outlay of Rs 2.40 lakh crore has been provided for the Railways. This highest ever outlay is about 9 times the outlay made in 2013- 14.

Logistics & Regional Connectivity

One hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified. They will be taken up on priority with investment of Rs 75,000 crore, including Rs 15,000 crore from private sources. The Finance Minister further said that fifty additional airports, heliports, water aerodromes and advance landing grounds will be revived for improving regional air connectivity.

Harmonised Master List of Infrastructure

Smt Sitharaman also mentioned that an expert committee will review the Harmonized Master List of Infrastructure. The committee will recommend the classification and financing framework suitable for Amrit Kaal.