Budget 2024: Railways Hope for Increased Funding in 2024-25 Budget, Modi Govt’s Focus on Infrastructure Growth

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Railway Anticipates Boost in Budget Allocation for 2024-25 Fiscal Year

The Indian Railways is eyeing an augmented budget allocation for the fiscal year 2024-25. In recent years, the focus of the Modi government has significantly shifted towards enhancing railway infrastructure and reviving railway assets. In the 2023 budget, Finance Minister Nirmala Sitharaman allocated a record ₹2.40 lakh crore to the Railways, marking the highest budget allocation received by the Railway Ministry to date, nearly nine times higher than the allocation in the 2013 budget.

This budgetary increase has facilitated the strengthening of railway infrastructure across the country. In the current fiscal year, the Railways allocated a hefty sum of ₹1.85 lakh crore for capital expenditure.

Initiating new Vande Bharat trains, redevelopment of railway stations, and laying new rail tracks not only contributed to developmental initiatives but also spurred growth in companies associated with the railways. There is optimism for the continuation of this momentum in railway stocks in 2024, given the potential for increased allocation in the next year’s budget.

Additionally, there’s the prospective ‘India-Middle East-Europe Economic Corridor’ project, aiming to connect India, Saudi Arabia, the United Arab Emirates, and Europe. This ambitious project could potentially be a game-changer for the sector, fostering long-term growth.

With the rise in capital expenditure for the fiscal year 2024, railway companies experienced a swift order flow this year, indicating further acceleration in their shares. In the fiscal year 2023-24, the government allocated ₹35,000 crore for laying new rail lines, ₹45,000 crore for the Railway Safety Fund, and ₹10,000 crore for the National Railway Safety Fund.

By December 7, 2023, the country had witnessed the launch of 68 new Vande Bharat trains. The government aims to operate 400 such trains. The Railway Ministry has also initiated the ‘Amrit Bharat Station Yojana’ for the rejuvenation of stations, having identified 1,309 railway stations for modernization. A budget of ₹13,355 crore has been set aside for passenger amenities in the current fiscal year.

The post Budget 2024: Railways Hope for Increased Funding in 2024-25 Budget, Modi Govt’s Focus on Infrastructure Growth appeared first on IndiaPost Live

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Budget 2024: Railways Hope for Increased Funding in 2024-25 Budget, Modi Govt’s Focus on Infrastructure Growth
Budget 2024: Railways Hope for Increased Funding in 2024-25 Budget, Modi Govt’s Focus on Infrastructure Growth
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