Budget 2023: Nirmala Sitharaman Announces Rs 2.4 Lakh Crore For Railways, "9 Times Of..."

For the railways, Finance Minister Nirmala Sitharaman announced an outlay of Rs 2.4 lakh crore in the Union Budget 2023-24, the highest ever. 

"This is about nine times the outlay made in 2013-14," she underlined, comparing it with the year when the Congress-led UPA governed the country, just before the BJP led by Narendra Modi won power.

WATCH LIVE: Finance Minister Nirmala Sitharaman presents the Union Budget #BudgetWithNDTV https://t.co/yCj8GHUoWM

— NDTV (@ndtv) February 1, 2023

She announced Rs 75,000 crore for 100 "critical transport infrastructure projects", which is likely to help the railways' freight business in particular. These projects have been planned for coal, fertiliser and foodgrain sectors.

The railways is also planning to refurbish over 1,000 coaches of premier trains such as the Rajdhani, Shatabdi, Duronto, Humsafar and Tejas.

A big allocation is likely for replacing old tracks so that trains can move faster, and more trains such as the Vande Bharat Express can be launched. 

As per the budget, the government proposes to manufacture 35 hydrogen fuel-based trains too.

The railways was allocated Rs 1.4 lakh crore in Budget 2022-23.

Railways has been a priority for almost all governments so far. In 2016, the government decided not to present a separate Railway Budget, but it continues to be a prime part of the budget overall. 

The Economic Survey ahead of the budget presentation had applauded the railways' efforts for recovering in both the passenger and freight segments after the Covid pandemic. It had also credited the government for substantial increase in funds.

The government has listed capital expenditure — investment in large infrastructure projects — among its focus areas.

Today, Ms Sitharaman began her budget speech with declaring it the "first budget of Amrit Kaal" — using a term coined by PM Modi's government to define a brighter future as India completed 75 years of Independence.

For the 2023-24 fiscal year, she listed seven priorities: "Inclusive development, reaching the last mile, agriculture and investment, unleashing potential, green growth, youth power, and the financial sector."