The Railway Budget 2024, presented as part of the Union Budget, has allocated a record capital expenditure of Rs 2,62,200 crore to Indian Railways. Railway Minister Ashwini Vaishnaw highlighted that this significant increase in funding aims to modernize the rail network, improve safety, and enhance passenger amenities.
The budget focuses on infrastructure development, including the construction of new lines, doubling of existing tracks, and electrification projects to reduce congestion and improve operational efficiency. Enhanced safety measures, such as advanced signaling systems, upgraded level crossings, and CCTV installations, are prioritized to ensure passenger safety. Improving the passenger experience is also a key focus, with funds allocated for the development of world-class stations, the introduction of high-speed trains, and better on-board services.
The budget emphasizes sustainability through increased use of renewable energy, energy-efficient technologies, and reducing the carbon footprint of rail operations. Investments in dedicated freight corridors and multimodal logistics parks aim to boost freight transport efficiency. The Railway Minister also mentioned innovative financing models to attract private investment and global participation in infrastructure development.
This record allocation underscores the government’s commitment to transforming Indian Railways into a modern, efficient, and sustainable transportation network, poised to drive economic growth and enhance connectivity across the country.