Source:https://www.financialexpress.com/budget/railway-budget-2024-prediction-indian-railways-likely-to-see-big-budgetary-boost-of-rs-2-2-25-lakh-crore-says-report-3559820/
Publisher: Financial Express
The upcoming Railway Budget should focus on using new technologies like artificial intelligence, IoT, and automation.
In a groundbreaking prediction report released by Jarvis, an AI-enabled Market Intelligence & Equity Market Analytics Platform, significant insights into the upcoming Railway Budget allocations have been unveiled. According to the report, the government is likely to allocate Rs 2 lakh crore to Rs 2.25 lakh crore for the development of Indian Railways. This substantial allocation aims to bolster infrastructure, enhance connectivity, and modernize services across the railway network, addressing long-standing issues and meeting growing passenger and freight demands.
Key Challenges
However, the report also underscores key challenges that could impede these ambitious allocations. Funding constraints to pose a significant hurdle, requiring innovative mechanisms and increased private sector participation Funding constraints continue to pose a significant hurdle, so there is a need for innovative financing mechanisms and increased participation from the private sector. Project execution remains another critical area. We need better ways to manage them and watch progress closely.
Using new technologies like artificial intelligence, IoT, and automation is also important. They can make things work better, safer, and help us use resources wisely in these areas. Apart from enhancing efficiency, these are also crucial for ensuring sustainability across Railways.
As stakeholders await the Union Budget announcement, scheduled for July 23, all eyes are on how these predictions will translate into actionable policies and initiatives that propel India towards its developmental goals in the coming fiscal year and beyond.
