During the first four months of the fiscal year 2023-24, the Indian Railways has exceeded the milestone of one lakh crore rupees in investment for ongoing infrastructure and safety projects. This rapid progress is a first for the Railways, with nearly 40% of the gross budgetary support for the year already utilized. The investments encompass various crucial areas, including network expansion, electrification, safety measures, and passenger experience enhancement.
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In the fiscal year 2023-24, the Indian Railways has made significant strides in its investment endeavours. Notably, the investment in ongoing projects related to infrastructure and safety across India has surpassed the milestone of one lakh crore rupees within the initial four months of the financial year. This accomplishment marks the first instance of such a feat being achieved within this timeframe.
The financial year 2023-24 has allocated a substantial gross budgetary support of Rs 2,60,200 crore for the Indian Railways. Impressively, between the months of April and July, the Railways has already channelled and effectively utilized nearly 40% of this designated support. Specifically, this impressive figure amounts to Rs 1,01,796 crore, showcasing the railways' commitment to rapid and comprehensive development.
Comparatively, in the previous financial year 2022-23, the gross budgetary support allotted for the Indian Railways amounted to Rs 2,03,983 crore. However, the utilization of funds for capital expenditure until July 2022 was notably lower, standing at Rs 63,887 crore, which constituted only 31% of the allocated funds for the year.
The investment has been channelled into a multitude of crucial infrastructural projects, encompassing the establishment of new rail lines, the doubling of existing lines, gauge conversion initiatives, enhancements to passenger amenities, and safety-related endeavours. This comprehensive approach underscores the Railways' determination to address various aspects of its operations concurrently.
Of particular significance is the commendable effort to augment the capacity of the railway network. While in the financial year 2022-23, an impressive sum of one lakh crore rupees was invested throughout the entire year to achieve this goal, the present financial year has seen this milestone surpassed in a mere four months. This acceleration in progress underscores the heightened commitment to expansion and enhancement of rail infrastructure.
By April 2023, the Indian Railways achieved the notable feat of commissioning new rail lines and doubling existing ones, spanning an impressive 5,243 kilometres. Furthermore, electrification efforts have made substantial headway, covering up to 6,565 kilometres of track through an investment of Rs 6,657 crore. Additionally, a substantial sum of Rs 25,913 crore has been allocated towards safety measures, with a focus on bolstering tracks, bridges, and grade separators to ensure the well-being of passengers and the integrity of the railway network.
The current financial year has also witnessed substantial investments in key initiatives such as the Dedicated Freight Corridor, receiving a noteworthy infusion of Rs 14,900 crore, and the Mumbai-Ahmedabad bullet train, benefiting from a substantial investment of Rs 12,000 crore during the fiscal year 2022-23.
Significantly, the investment efforts have also extended to the enhancement of passenger experiences. The procurement of Vande Bharat trains has been a major focus, contributing to a remarkable 77.6% increase in wagon procurement compared to the previous year, totalling 22,747 wagons. Modern rolling stock, amounting to a substantial Rs 44,291 crore, has been acquired to elevate passenger comfort and enhance the railways' freight-carrying capacity.
In conclusion, the Indian Railways' impressive investment achievements in ongoing projects during the fiscal year 2023-24 underscore a steadfast commitment to comprehensive development and modernization. This surge in funding allocation, coupled with an efficient utilization of resources, is steering the railways toward a future marked by enhanced infrastructure, improved safety measures, and elevated passenger experiences.
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