FM’s ‘Track Record’: At Rs 2.40 Lakh Crore, Budget 2023 Has Highest Ever Capital Outlay for Railways

Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24 with the highest ever outlay for the Indian Railways at Rs 2.40 lakh crore. This was nine times the outlay made in FY 2013-14, she said.

In what she called the “first Budget in Amrit Kaal", the FM also announced that at least 100 critical transport infrastructure projects for last and first mile connectivity have been also identified and will be taken up on priority for steel, coal, fertiliser and foodgrain sectors with investment of Rs 75,000 crore, including Rs 15,000 crore from private sources.

“Capital outlay of Rs 2.40 lakh crore has been provided for the Railways. This is the highest ever outlay and is about nine times the outlay made in 2013-14," she said.

She also said that the Indian economy has increased in size from being tenth to fifth largest in the world in the past nine years. ?We have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development,? she said.

In her speech, she also said the Budget for 2023-24 hopes to build on the foundation of the previous budget and blueprint for India@100. The last full Budget of the second term of the Bharatiya Janata Party-led NDA government ahead of the general elections in 2024 is Sitharaman?s fifth full Budget after she took over as the Finance Minister in July 2019.

?The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war,? she added.

MASSIVE INCREASE IN CAPITAL EXPENDITURE OVER THE YEARS

According to the Economic Survey, released on Tuesday, the capital expenditure, or the capex, on infrastructure in railways has received a tremendous boost post 2014.

In FY23, the capex (B.E.) was of Rs 2.5 lakh crore, up by around 29% compared to the previous year. The average capex has more than doubled between 2009-14 and 2014-22 period, the survey shows.

The report reveals that the average capex outlay on railway electrification has jumped by nearly four times between 2009-14 and 2014-22.

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