Railways allocated Rs 2,62,200 crore as capex for FY 2024-25

Union Minister for Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday and allocated record capex to Rs 262200 crores for Railways an official statement saidThe Gross Budgetary support is Rs 252200 crores for Indian Railways during 202425 it saidEarlier the Gross Budgetary Support to Rs 240200 crore in 202324 was only Rs 28174 crore in 201314 The Railways achieved all time high total receipts of Rs 256093 crore in 202324 and generated a Net Revenue of Rs 3260 crore to supplement capexAddressing a press conference later in the day Union Minister for Railways Information and Broadcasting electronic amp IT Ashwini Vaishnaw said ldquoI thank Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for record allocation of Rs 262200 crore for Railways A significant fund has been earmarked for safety related activities in Railways In third term of this government Railways has continued to get a boostrdquo the statement saidAshwini Vaishnaw said that economy is much resilient today and is on a strong footing than in the past The economy today is a combination of welfare fiscal prudence capital investment and investment in manufacturing he said adding that the budget presented today by the Finance Minister is a continuation of the economic policies of Prime Minister Narendra Modi focused on inclusive growth that have been the mainstay of this Government in the last ten yearsHe further said that government has placed a special emphasis on making the Railways worldclassThe statement said that the Indian Railways have achieved several milestones in Infrastructure In past 10 years Railways commissioned 31180 track kms The pace of track laying increased from 4 km per day in 201415 to 1454 km per day in 202324During 20142024 Indian Railways has electrified 41655 Route Kms RKMs as compared to only 21413 Route Kms till 2014In this years budget additional funds have been allocated to promote industrial development These funds will support the essential infrastructure needed to develop industrial clusters at strategic nodes Kopparthy on the VishakhapatnamChennai Industrial Corridor Orvakal on the HyderabadBengaluru Industrial Corridor in Andhra Pradesh and Gaya on the AmritsarKolkata Industrial Corridor in Bihar This initiative aims to catalyze industrial growth in the eastern region of India it saidRailways have adopted a new approach for infrastructure development Three Economic Railway Corridors Energy Mineral and Cement corridors 192 Projects Port connectivity corridors 42 Projects and High Traffic Density corridors 200 Projects have been identified under the PM Gati Shakti Mission for enabling MultiModal connectivity Capacity enhancement decongestion of high density networks achieving reduction in logistics cost in the country enhancing Passenger experience and their Safety remains the priority areas for the government the official statement added