Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, unveiled the Interim Union Budget 2024-25 in Parliament.
The Union Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw, emphasized the historic announcements made, particularly focusing on transforming Indian Railways.
He highlighted the evolution in the railway sector over the past decade under Prime Minister Narendra Modi’s leadership. He noted a shift from merely adding trains to a concentrated effort on enhancing capacity, introducing new technology, and prioritizing safety. In the last ten years, the rail network witnessed the addition of 26,000 km of track, with a substantial investment of 1,08,000 Crore in safety systems, including the initiation of the Automatic Train Protection system, Kavach, and the development of new-generation trains.
It is pertinent to note that the budget places a substantial emphasis on creating additional capacity through three key corridors. The first focuses on Energy, Mineral, and Cement corridors, aiming to reduce road pollution and logistics costs. The second addresses port connectivity, aligning with the ‘Gati Shakti’ approach to provide seamless rail connectivity to ports in a multimodal manner. The third, named ‘Amrit Chaturbhuj,’ mirrors the golden quadrilateral concept on high-density traffic routes, contributing to the country’s economic transformation in an efficient, productive, and sustainable manner.
The Railway Minister detailed that these three corridors, spanning approximately 40,000 km of new tracks, will significantly enhance railway capacity and reduce pollution by up to 90% in a cost-effective manner.
The second major announcement centers around the success of the ‘Vande Bharat’ and ‘Amrit Bharat’ trains. The Minister highlighted the multifaceted approach to increase capacity, revealing that last year saw the addition of 5,200 km of new tracks, equivalent to the entire rail network of Switzerland. This year’s plan includes adding 5,500 km, showcasing a remarkable increase from 4 km per day in 2014 to about 15 km per day in new tracks.
With a capital investment of Rs. 2,52,000 Crore for the 2024-25 fiscal year, the budget underscores a clear focus on enhancing capacity, improving passenger experience, and bolstering infrastructure. The Railway Minister emphasized that Prime Minister Modi’s unwavering focus on the railways is instrumental in bringing about increased capacity and resolving the waiting list issue, particularly as the three identified corridors near completion.
