The Indian Railways is set to get a capital expenditure push of Rs 2.4 lakh crore in the financial year 2023-24, an increase of 65.6 percent when compared to 2022-23.
"The Indian Railways capital outlay has been set at 2.40 lakh crore, highest ever; 9x of what was in 2013," Finance Minister Nirmala Sitharaman said in her Budget speech on February 1.
The railways was allocated Rs 1.4 trillion in the Union Budget 2022-23, of which Rs 1.37 trillion is earmarked for capital expenditure and Rs 3,267 crore for revenue expenditure.
The funds will be spent on building railway tracks, wagons, trains, electrification, signalling, and developing facilities at stations while focusing on safety.
The railways needs funds for a number of projects including laying of new lines, gauge conversion, electrification, and signalling, apart from improvement in rolling stock.
The railway ministry is targeting 100 percent electrification of its network by 2023 and laying of at least 2,000 km of new tracks, as well as rolling out new Vande Bharat trains.
The Indian Railways had asked for an outlay of Rs 2.5 lakh crore as capital expenditure for 2023-24.
Overall, the railways was allocated around Rs 2.45 lakh crore of funds in 2022-23 through various financing sources, including funds raised through IRFC for capex deployment.
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