Union Budget 2023 Top Updates: Railway gets capital outlay of Rs 2.40 lakh crore; highest-ever allocation since 2013-14

Finance Minister Nirmala Sitharaman Budget Speech, India Budget 2023 Top Updates: Union Finance Minister Nirmala Sitharaman has allocated a capital outlay of Rs 2.40 lakh crore for the Indian Railways in the Union Budget 2023. This highest-ever outlay is about nine times the outlay made in FY 2013-14. This is going to be the last full Budget of the Narendra Modi 2.0 government. Keeping this in mind, the 2023-24 budget announcement is likely to benefit a large section of the middle class such as railways is unlikely to hike the passenger ticket or freight fare.

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More on Railway Budget In Union Budget 2023:

The Finance Minister will lay out a detailed description of budget estimates, annual statements, revenue, and allocations for the Indian Railways. The Union Budget 2023 is also expected to promote Make In India initiative and focus on bolstering the contour of renewable energy.

Railways has been a priority of almost all governments so far. In 2016, the government not to present a separate Railway Budget, but it continues to be a prime part of the budget overall.

The Economic Survey 2023 ahead of the budget presentation had applauded the Railways’ efforts for recovering in both the passenger and freight segments after the Covid pandemic. It had also credited the government for substantial increase in funds.