Source: https://www.financialexpress.com/budget/budget-2023-will-indian-railways-get-record-budgetary-allocation-this-year-pm-modis-dream-of-modernised-railway-could-turn-into-reality-2955972/
Publisher: Financial Express
Union Budget: Prime Minister Narendra Modi has often shared his big plans for the infrastructure of the Indian Railways. In 2022, while inaugurating multiple projects of the Indian Railways in Kolkata, he said that the Central government is making investments to modernise the Indian Railways with new trains like Vande Bharat Express, Tejas Express, and Humsafar Express. Modi has time and again said that in the next eight years, the country will see the railways on a new journey of modernisation.
Keeping the Centre’s ambition in mind, the Finance Ministry is likely to come up with a record budget this year to boost the infrastructure of the Indian Railways. With plans of inaugurating Sleeper-Class Vande Bharat Express and manufacturing hydrogen-fueled Vande Metro, there are major projects that are coming up and need full financial focus of the government. Let’s discuss these one-by-one.
Union Budget 2023 for Indian Railway Infrastructure
The government has a long-standing plan of revamping the face of Indian Railways. From the face-lifting of railway stations to the construction of new railway lines, gauges, and electrification, the railways’ motive for this year is to build a better and faster domestic infrastructure for the manufacturing and smooth running of trains. The Indian Railways is naturally expecting a record budget from the government to fulfill these ideas and implement these projects.
Union Budget 2023 for Vande Bharat Express
Around 500 more Vande Bharat trains are expected to be announced in this year’s budget which makes it mandatory for the Finance Ministry to allocate a big budget to the Indian Railways. Prime Minister Narendra Modi has always maintained that he has big plans for the Indian Railways of which Vande Bharat Express is a big part. He shared that he wants the railways to be a big part of India’s green initiative. Keeping in line with that idea, there are also plans to introduce sleeper-class Vande Bharat trains and India’s first hydrogen-powered Vande Metro.
The hydrogen-fuelled Vande Metro is going to put a worldwide focus on the Indian Railways as it has only been built in Germany as of now. This is going one of the biggest green initiatives by the Indian railways as Hydrogen would save a lot of fuel. Although the exact date of launch has still not been revealed, Railway Minister Ashwini Vaishnaw has said that the design should be out anywhere between May and June 2023.
Union Budget for Indian Railway in 2022-23
The total revenue expenditure by the Indian Railways, according to PRS India, was projected to be at Rs 2,34,640 crore, which was an increase of 17% over revised estimates for the year 2021-22.
As per an FE report in 2022, the Indian Railways is expecting a gross budgetary support of around rRs 1.5 trillion for 2023-24. The report suggested that the Indian Railways is also going to lay down about 100,000 km of new track over the next 20 to 25 years and also gradually increase the maximum speed of trains to 160 kilometre per hour.
