Budget 2022: What's in it for the Railways Sector?
The Union Budget announced on Tuesday, February 1, 2022, by India’s Finance Minister Nirmala Sitharaman, saw a strong focus on the country’s railway sector.
In a bid to overcome the adversities caused by COVID-19 and provide a boost to the Indian Economy, higher funds have been allocated to the Ministry of Railways this year. The Budget 2022 has allocated an outlay of INR 1,40,367.13 crore to the railway ministry.
The following announcements were made pertaining to the Indian Railways in this year’s budget:
1) 400 new-generation Vande Bharat trains to be built over the next 3 years.
2) 100 Gati Shakti Cargo terminals to be developed in next three years.
3) Connectivity between railway stations and urban transport to be facilitated on priority.
4) Over 2000 kilometres of railway network will be brought under indigenous world-class technology KAVACH (TCAS System)
5) One Station One Product-will be popularised to help local business and supply chain.
6) Railways to develop new products and efficient logistics services for small farmers and small and medium enterprises
7) Take lead in integrating Postal and Railway networks.
8) Innovative financing mechanisms and faster implementation of metro systems.
9) More railways stations likely to get fast and free Wi-Fi facility.
10) Launch of theme-based tourist circuit trains ‘Bharat Gaurav’.
11) 100 % electrification by 2030.
12) Modernize and transform more railway stations into airport-like stations.
India’s railway system was also lauded by President Ram Nath Kovind on the had the modernization undertaken by the Indian Railways in the last seven years, stating that in less than a decade 24,000 kilometres of train routes have been electrified.