A sum of ₹2.55 lakh crore has been earmarked as capex for the Indian Railways for the new financial year, said Financial Minister Nirmala Sitharaman as she read out her Interim Budget speech in the lower house of parliament.
This number compares to the ₹2.4 lakh crore figure that was allocated to the Railways as capex for the financial year 2024.
Finance Minister Nirmala Sitharaman announced three new corridors for the railways — Energy, Mineral and Cement corridor, Port Connectivity Corridor and a High Traffic Density Corridor.
These corridors were identified under the PM Gati Shakti scheme to enable multi-modal connectivity. These corridors will reduce costs and improve efficiency, according to the finance minister.
Additionally, the Finance Minister also announced that 40,000 bogies would be converted to Vande Bharat standard to improve safety and convenience for passengers.
In an interaction with CNBC-TV18's Shereen Bhan at the World Economic Forum 2024 in Davos, Railway Minister Ashwini Vaishnaw said progress in the expansion and modernisation of the railways is huge.
"Last year we added 5,200 km of new tracks. That’s like adding the entire Swiss network in one year. We are now aiming at a pace of 15 km of tracks a day," he said. The minister further said that out of the ₹2.4 lakh crore capex plan, 77% has been completed as of date.
Vaishnaw also said that there is huge interest among international players to participate in the Kavach technology as they see it as better than established technology.
"People see that by participating in Kavach, they will get the opportunity in North America, Australia, South Africa, south-east Asian markets," the minister said.
(Edited by : Amrita)
First Published: Feb 1, 2024 11:43 AM IST
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