The Finance Minister, Nirmala Sitharaman, will introduce the Union Budget 2022-23 tomorrow. As per the media reports, the budget allocation for railroads may see a significant increase.
According to the study, the railways might experience a 20% increase in FY22 predictions. This will bring the total allocation to Rs 2.5 trillion. The railways intend to modernise their fleet and add quicker and more modern trains. The railway budget in the preceding year was the greatest yet, peaking at Rs 2.15 trillion. It is predicted to be higher this year. After the combination of the Rail Budget and the Union Budget in 2017, this will be the sixth combined budget.
According to media sources, the centre may also propose electrifying 7,000 kilometres of rail track as a first step toward reaching 100% electrification by 2023. The centre may also announce the launch of a bullet train connecting New Delhi and Varanasi. Apart from this, an extra bullet train connecting Delhi and Howrah may be announced. The Centre will also prioritise the expansion of the train network in the Northeast area in the Rail Budget.
The rail budget is critical for the poor and middle classes since it is the country’s lifeblood. In addition, the central government may announce the construction of more rail lines linking metro cities to India’s tier 2 and tier 3 cities.