Union Budget 2023: Railways allocated Rs 2.4 lakh crore capital outlay

The Indian Railways has been allocated a capital outlay of Rs 2.4 lakh crore in the Union Budget 2023-24. This is the highest ever allocation to the national transporter and continues on the trend followed last year with a gross budgetary support of Rs 1.37 lakh crore in fiscal 2022-23.

“This allocation is over nine times the amount earmarked in financial year 2013-14,” said Finance Minister Nirmala Sitharaman in her Budget speech.

Officials in the know told ET that this allocation will be spent in laying new lines with an aim to decongest the Indian Railways and make it future ready. It is estimated that there is a need to lay 1 lakh kilometres of tracks (including doubling of existing ones) over the coming 25 years as more goods movement shifts away from roads to railways.