NE BUSINESS BUREAU
NEW DELHI, FEB 1
The Railway Ministry has been allocated Rs 1,40,367.13 crore in the Union Budget on Tuesday – Rs 20,311 crore more than the revised figures of the previous fiscal.
Finance Minister Nirmala Sitharaman in her Budget speech for 2022-23 said that India will manufacture 400 new, energy-efficient Vande Bharat trains in the next three years. The rail sector will also develop “One Station One Product”, which will leverage local produce carried on the railways.
Union Finance Minister, N. Sitharaman :“As a part of Atmanirbhar Bharat, 2,000 km of network will be brought under Kavach, the indigenous world-class technology for safety and capacity augmentation in 2022- 23.” #AatmaNirbharBharatKaBudget #Budget2022 pic.twitter.com/F3bk9cf4eT
— Ministry of Railways (@RailMinIndia) February 1, 2022
Railway Minister Ashwini Vaishnaw welcomed the announcement and said that the integration of posts and railways will bring better logistics solutions for people living in remote areas.
He also said that the Railways will introduce new products and services for small farmers and enterprises.
PSUs, joint ventures
The Budget has also earmarked Rs 38686.59 crore for investment in PSUs, joint ventures and special purpose vehicles.
The allocation for the development of rolling stock, which will be instrumental in bringing in new modern coaches and technology to the national transporter, has been kept at Rs 7977 crore. The FM has also allocated Rs 15710.44 crore to the Dedicated Freight Corridor (DFC), whose assets will be monetised by the Railways for operations and maintenance.
It has also allocated Rs 13335.47 crore for track renewal, Rs 2850 crore for gauge conversion and Rs 12108 crore for doubling. A sum of Rs 25243 crore has been allocated for new lines as well.
