In a landmark move, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today in Parliament, unveiling transformative measures to propel India’s economic growth. A major highlight of the budget is the implementation of three crucial economic railway corridor programs under the PM Gati Shakti initiative.
PM Gati Shakti Economic Corridors: Enhancing Efficiency and Reducing Costs
The newly announced economic railway corridor programs are set to revolutionize logistics efficiency and reduce operational costs. These programs, identified under the PM Gati Shakti initiative, encompass energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors. The primary objective is to decongest high-traffic corridors, ultimately improving passenger train operations, enhancing safety measures, and increasing travel speeds for passengers.
Vande Bharat Standard Upgrade: Elevating Passenger Safety and Comfort
Finance Minister Sitharaman also revealed plans for the conversion of forty thousand normal rail bogies to Vande Bharat standards. This strategic move is expected to elevate passenger safety, convenience, and comfort, providing a significant boost to India’s rail travel experience.
Record Capital Outlay for Indian Railways: A Testament to Commitment
The Union Budget 2023-24 had allocated a historic capital outlay of Rs 2.40 lakh crore for the Indian Railways, marking the highest-ever outlay and a significant increase from previous years. This substantial investment, almost nine times higher than the outlay in the Financial Year 2013-14, underscores the government’s unwavering commitment to transforming the railway infrastructure.
Boosting Aviation Sector and UDAN Scheme Progress
In addition to the railway focus, Sitharaman highlighted the government’s success in revitalizing the aviation sector over the past decade. The number of airports has doubled to 149, showcasing the robust growth in air connectivity. The UDAN scheme has made substantial progress, with 517 operational routes connecting 76 airports, including 9 Heliports and 2 Water Aerodromes. The budget emphasizes the continued expansion of existing airports and the rapid development of new airports to sustain this growth trajectory.
Strategic Vision for Economic Growth and Logistics Optimization
The combined impact of dedicated freight corridors and the three economic corridor programs is anticipated to accelerate GDP growth while mitigating logistical expenses. The government’s visionary approach, as outlined in the Union Budget 2024-25, demonstrates a commitment to transformative measures that will shape the future of India’s transportation infrastructure and bolster economic progress.
