Indian finance minister Nirmala Sitharaman is all set to present the budget for 2023 on Wednesday (February 1). People across the nation have high hopes for this year’s budget as the nation is still reviving from the economic slump after the coronavirus (COVID-19) pandemic. The Narendra Modi government is likely to increase the rail budget and the focus will be on completion of projects.
The focus will be on taxation, health, sector, and rising prices of commodities, and people will also expect big announcements for railways in the upcoming budget as the government is pushing forward to boost infrastructural development.
According to a report by the Times Of India, this year’s budget might have some new trains, most likely 35 new hydrogen-fuelled trains and around 500 new Vande Bharat trains.
Besides that, the government may announce that in the next three years, it will roll out nearly 4,000 newly designed automobile carrier coaches and some 58,000 wagons.
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Recently, a report published on January 19 stated that the railways said it has earned Rs41,000 crore more in revenue so far in 2022-23 as compared to the same period in the previous fiscal.
As per India-based news agencies, officials said that the Indian railways expect to end this fiscal with a total revenue of Rs2,35,000 crore.
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The report mentioned that India planned to introduce sleeper versions of the Vande Bharat Express by 2025. Indian railways have also planned to award contracts for additional 200 current versions of the train.
India might announce major investments in other green fuels. In 2022-23, the railways saved majorly after it stopped the majority of concessions offered to passengers, including a hefty subsidy to the elderly. It has also saved on account of the electrification of its routes.
(With inputs from agencies)
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