Budget 2024: This year’s interim budget for Railways has garnered significant attention, primarily due to its substantial increase in allocation compared to the previous year. With a generous provision of ₹2,55,000 crores, the railway sector is poised for significant transformations, including the conversion of three new corridors and the modernization of 40,000 old train compartments into Vande Bharat train facilities. Let’s delve into the key highlights and implications of this budgetary allocation.
Three Major Economic Corridors
One of the most notable announcements in the interim budget is the creation of three major economic railway corridors across the country. These corridors include an Energy, Mineral, and Cement Corridor, a Port Connectivity Corridor, and a High-Speed Density Corridor. By leveraging the Prime Minister’s Power Scheme in the Multi-Modal Connectivity Project, these corridors aim to enhance logistical capacity, reduce costs, and facilitate smoother transportation of goods and passengers.
Benefits for the General Public
The creation of dedicated economic corridors is expected to bring substantial benefits to the general public. With separate tracks for freight transportation, the congestion on existing routes will significantly decrease, leading to improved operational efficiency and punctuality for both freight and passenger trains.
Focus on Vande Bharat Trains
Finance Minister Nirmala Sitharaman’s announcement regarding the conversion of 40,000 regular train coaches into Vande Bharat train standards underscores the government’s commitment to enhancing passenger facilities. This initiative is poised to elevate the overall travel experience for passengers and alleviate the challenges associated with ticket availability and service quality.
Increased Budget Allocation
Railways have received a notable increase in budget allocation, totaling ₹2,55,000 crores in the current fiscal year. This increment of ₹15,000 crores compared to the previous year underscores the government’s prioritization of railway infrastructure development and modernization efforts.
Delhi’s Railway Infrastructure Development
A substantial allocation of ₹2,577 crores has been earmarked for the development of railway infrastructure in Delhi. This funding aims to expedite key projects, including the expansion of the Anand Vihar Terminal and the establishment of new railway lines connecting Delhi to Alwar and Saharanpur.
Enhancement of Mumbai’s Local Trains
The Mumbai Urban Transport Project (MUTP) has been allocated ₹789 crores to enhance Mumbai’s local train services. This budget provision includes funding for critical infrastructure projects such as the reconstruction of road overbridges and initiatives to improve road safety across Western and Central Railways.
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