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As we gear up for the Interim Budget of 2024-25, all eyes are on Finance Minister Nirmala Sitharaman to unveil the financial plans for Indian Railways. Expectations are high, with experts estimating a remarkable 25% increase in the budgetary allocation, surpassing ₹3 lakh crore.
2023-24 Recap:
Recapping the events of the past year, Indian Railways witnessed both achievements and challenges. The past fiscal year witnessed significant milestones for Indian Railways, from the introduction of new Vande Bharat trains to the inauguration of the Amrit Bharat Express. However, it was not without challenges, notably the tragic train disaster in Odisha claiming around 300 lives, bringing attention to the need for improved safety measures.
Budget Outlook:
Finance Minister Nirmala Sitharaman is anticipated to substantially increase the capital allocation for Indian Railways during the upcoming Interim Budget. Last year, she raised the railway outlay to ₹2.40 lakh crore for 2023-24, emphasizing the ninefold increase from 2013-2014.
The increased budget is set for the modernization of Indian Railways, including faster trains, renovated railway stations, enhanced safety features, and the development of freight corridors.
Key Areas of Emphasis:
- Vande Bharat Expansion:
Plans are in motion to introduce 300-400 Vande Bharat trains, including those with sleeper coaches. Currently operating 41 trains and our Railway Minister Ashwini Vaishnaw announced plans to gradually increase the speed of these trains by installing safety fencing at vulnerable locations.
- Safety Measures:
The safety budget is expected to almost double for 2024-2025, addressing concerns raised after incidents like the Balasore train accident. This tragedy underscored the need for improved safety measures, including the adoption of the anti-train collision system, Kavach. This aims to expedite the government’s Mission Zero Accidents, addressing issues highlighted by incidents.
- Amrit Bharat Station Scheme:
A significant portion of the budget is likely to be allocated to the Amrit Bharat Station Scheme, dedicated to upgrading and modernizing 1,275 railway stations across the network. The scheme involves creating phased Master Plans for comprehensive station enhancement.
- India-Middle East-Europe Economic Corridor (IMEC):
Watchful eyes are on the proposed IMEC project, set to connect India, the Middle East, and Europe through an extensive transportation network involving rail, road, and sea routes.
Final Words:
With a long list of pending projects and challenges, all eyes are on Finance Minister Nirmala Sitharaman to see if she will allocate the necessary funds to meet the ambitious goals for Indian Railways in the Interim Budget on February 1.
