Railway Budget 2024: Check Out The Key Highlights

The Railway Budget 2024, unveiled by Finance Minister Nirmala Sitharaman, marks a significant milestone in modernising India’s railway infrastructure. With a record allocation of funds, this budget emphasises high-speed rail projects, station redevelopment, and enhanced passenger experience. Focused on boosting economic growth and improving connectivity across India, the Railway Budget 2024 outlines a transformative vision for the future of Indian Railways. Take a look at the key highlights of the Indian railways presented in Budget 2024:

Railway Budget 2024: Key Highlights

1. In her Budget 2024 speech, Finance Minister Nirmala Sitharaman did not introduce any new plans or initiatives for Indian Railways. The allocation provided in the Interim Budget for the railway sector will remain unchanged, as per The Financial Express report.

2. During the speech Nirmala Sitharaman said, Under the Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways, and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor.”

3. Given the numerous train accidents that occurred in the country over the past year, there was widespread anticipation for an enhanced budget aimed at improving safety standards, including the implementation of the KAVACH safety system. However, the Finance Minister did not make any such announcements in the budget, as per The Financial Express report. (Budget 2024: What Is Bahi Khata?)

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4. In February 2024, the Interim Budget presented by Finance Minister Nirmala Sitharaman allocated ₹2,52,200 crore to the railways as gross budgetary support (GBS), supplemented by an additional ₹10,000 crore from extra-budgetary resources (EBR). The Interim Budget also announced the upgrade of 40,000 passenger coaches to Vande Bharat standards. The upcoming Budget 2024 speech is expected to provide further direction on these initiatives.

5. The attention is focused on rail stocks as investors expect significant allocations in this year's budget. Prominent rail stocks include Rail Vikas Nigam Ltd (RVNL), Indian Railway Finance Corporation Ltd (IRFC), RITES Ltd, IRCTC, and Railtel Corporation of India Ltd, among others.

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6. In her speech,Nirmala Sitharamanannounced that Bihar will receive an allocation of ₹26,000 crore for highway development. Additionally, the state will see the establishment of new airports and medical facilities. A comprehensive plan under the Purvodaya initiative will be developed to promote the overall development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, as per The Financial Express report.

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