Union Minister for Railways, Information and Broadcasting, Electronics & IT, Ashwini Vaishnaw, has stated that the economy is much more resilient and on a stronger footing today compared to the past.
He highlighted that today's economy combines welfare, fiscal prudence, capital investment, and investment in manufacturing. He added that the budget presented today by Finance Minister Nirmala Sitharaman continues the economic policies of Prime Minister Narendra Modi, focusing on inclusive growth, which has been the mainstay of the Government for the past ten years.
Minister Vaishnaw emphasized the government's special focus on making the Railways world-class. For FY 2024-25, the government has allocated a record Capex of Rs. 2,62,200 crores for Railways, with a Gross Budgetary Support of Rs. 2,52,200 crores. In comparison, the Gross Budgetary Support was Rs. 2,40,200 crores in 2023-24, up from Rs. 28,174 crores in 2013-14. The infusion of Capex has resulted in Indian Railways achieving an all-time high freight loading of 1588 MT in FY 2023-24, up from 1095 MT in 2014-15, with a target of 3,000 MT by 2030. Railways also achieved all-time high total receipts of Rs. 2,56,093 crores in 2023-24 and generated a Net Revenue of Rs. 3,260 crores to supplement Capex.
At a press conference, Vaishnaw expressed gratitude to Prime Minister Modi and Finance Minister Sitharaman for the record allocation of Rs. 2,62,200 crores for Railways. He noted that significant funds have been earmarked for safety-related activities, and the third term of the government has continued to boost the Railways.
In terms of infrastructure, Railways commissioned 31,180 track kilometers over the past ten years, with the pace of track laying increasing from 4 km per day in 2014-15 to 14.54 km per day in 2023-24. Indian Railways electrified 41,655 Route Kilometers (RKMs) during 2014-2024, compared to 21,413 RKMs till 2014.
The budget also allocates additional funds to promote industrial development, supporting the infrastructure needed for industrial clusters at strategic nodes: Kopparthy on the Vishakhapatnam-Chennai Industrial Corridor, Orvakal on the Hyderabad-Bengaluru Industrial Corridor in Andhra Pradesh, and Gaya on the Amritsar-Kolkata Industrial Corridor in Bihar. This initiative aims to catalyze industrial growth in the eastern region of India.
Railways have adopted a new approach for infrastructure development, identifying three Economic Railway Corridors—Energy, Mineral, and Cement corridors (192 Projects); Port connectivity corridors (42 Projects); and High Traffic Density corridors (200 Projects) under the PM Gati Shakti Mission for enabling Multi-Modal connectivity. The government prioritizes capacity enhancement, decongestion of high-density networks, reducing logistics costs, enhancing passenger experience, and ensuring their safety.
