Railways Budget 2024- The Finance Ministry provided Railways with a Gross Budgetary Support of Rs 1.59 lakh crore in the Revised Estimates, which is more than Rs 20,000 crore more than what was initially allocated in the most recent Budget. This figure is Rs 2.4 lakh crore for the following monetary, a never-before hop in Gross Monetary Help.
Railways has estimated its capital expenditures at Rs 2.45 lakh crore by the end of this fiscal year, in line with Budget Estimates, supported by internal resources totaling Rs 4,300 crore and extra budgetary resources totaling Rs 81,700 crore, including borrowings. After the Budget, Finance Secretary TV Somanathan told reporters, “We are confident of the capital spend based on the projects that are in the pipeline in Railways and Highways.”
Railways Budget 2024
Additionally, Vaishnaw stated that the Railways would launch hydrogen-powered trains by the end of this year. In the beginning, these trains will operate on historic routes like Kalka-Shimla. The transporter’s operating ratio (the amount spent to earn Rs 100) is based on its finances. the lower, the better) is lower than last year’s 96 percent and stands at 98.22 percent. 98% of people. It has fixed its next financial working proportion at 98.45 percent.
Additionally, the Railways anticipates that its commercial operations will generate an additional Rs 22,000 crore in revenue during the following fiscal year. As a result, its projected revenue for this fiscal year is Rs 2.42 lakh crore, but its actual revenue is maintained at Rs 2.65 lakh crore. By the end of this fiscal year, the Railways anticipate carrying a total of 1,500 million tonnes of freight, which is slightly higher than its Budget Estimate. However, its goal for the coming fiscal year is 1,600 million tonnes of freight. According to the Railways, non-suburban passengers (long distance) have increased to 2,918 million after Covid, with 1,350 million in 2021-2022.
Railways Budget 2024 Details
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Railways Budget 2024 Live Updates What’s New Funds, Schemes, Interventions
- On 2024, prior to the presentation of the Union Budget in Parliament, shares of companies that are related to the railway, such as Rail Vikas Nigam Ltd. and IRCON International, experienced a trend of upward movement.
- Dalal Street anticipates an increase in railways’ capital expenditure, which leads experts to believe that shares of railway-related businesses are the focus.
- The stocks are being driven by expectations of increased allocations.
- Nine times more than in FY14, the railway expenditure was the highest ever.
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Railways Budget Highlights: Important Facts & Figures of Indian Railways Budget 2024
- Income: Rail lines‘ inward income for 2022-23 is assessed at Rs 2,40,000 crore, an increment of 19% over the reconsidered gauges for 2021-22. In 2021-22, income is assessed to be 7% lower than the financial plan gauge.
- Traffic income: Complete income from traffic for 2022-23 is assessed to be Rs 2,39,600 crore, an increment of 19% over updated gauges for 2021-22. Cargo income is assessed to be Rs 1,65,000 crore in 2022-23, an increment of 14% over the updated gauges for 2021-22. The traveler income is assessed to be Rs 58,500 crore, an increment of 32% over a low base in 2021-22 (because of Coronavirus). In 2021-22, traveler income is assessed to be 27% lower than the spending plan gauge, while cargo income is assessed to be 5% higher than the spending plan gauge.
- Consumption: In 2021-22, income use is assessed to be 5% lower than the financial plan gauge. In 2022-23, capital consumption is projected at Rs 2,45,800 crore, an increment of 14% over the amended appraisals for 2021-22. The updated gauges for capital use in 2021-22 are hardly higher than the financial plan gauge.
- Working Proportion: The working Proportion is a proportion of working costs to the receipts from traffic. A lower proportion suggests better benefit and accessibility of assets for capital spending. In 2022-23, the Rail lines’ Working Proportion is assessed to be 96.98%. This would be an improvement over the working proportion of 98.93% in 2021-22 (amended gauges). A working proportion of 96.15% was assessed at the financial plan stage in 2021-22.
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Key Announcements and Proposals related to Railways made in Budget 2024 include:
- New products and efficient logistics services for small farmers and small and medium businesses will be developed by railways. In addition, it will work toward the seamless integration of the railway and postal networks for parcel movement.
- Over the next three years, 100 PM-GatiShakti Cargo Terminals for multimodal logistics facilities will be built.
- Priority will be given to facilitating multimodal connectivity between railway stations and mass urban transportation.
- Over the next three years, 400 new Vande Bharat trains will be produced.
- Kavach, the indigenous technology for increasing capacity and safety, will cover 2,000 kilometers of the network.
- To assist local businesses and supply chains, the “One Station, One Product” concept will be promoted.
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