Railway Ministry requests 30% increase for FY24 budget
RAILWAYS & METRO RAIL

Railway Ministry requests 30% increase for FY24 budget

To facilitate the introduction of new trains and improvements to the current rail infrastructure, the ministry of railways has requested from the finance ministry a financial allocation that is 30% greater for FY24.

The railways have stated that they will need an additional 30% of funding for the upcoming fiscal year in order to introduce new Vande Bharat trains, build new rails, and improve security.

A 17% increase over the last financial year's allocation, the ministry received gross budgetary support (GBS) in FY23 of Rs. 1.37 lakh crore for capital expenditure and Rs. 3,267 crore for revenue expenditure.

By October 31, it had used up around 93% of its budgeted amount, spending 1.02 lakh crore from the capital budget and going above its allotted amount for revenue expenditures by 25,399 crore. The allocation will be finalised by the end of the month, according to a finance ministry official, and the railways should receive a "significant rise."

It will undoubtedly be a significant increase, but the ministry might not need to allocate that much money.

In addition to the income from asset monetisation, the railways have maintained their expectations for own internal revenue for FY24 at approximately the same level as this year.

Also read:
India's first vertical lift sea bridge to be completed soon
CORE completes electrifying numerous segments and routes


To facilitate the introduction of new trains and improvements to the current rail infrastructure, the ministry of railways has requested from the finance ministry a financial allocation that is 30% greater for FY24. The railways have stated that they will need an additional 30% of funding for the upcoming fiscal year in order to introduce new Vande Bharat trains, build new rails, and improve security. A 17% increase over the last financial year's allocation, the ministry received gross budgetary support (GBS) in FY23 of Rs. 1.37 lakh crore for capital expenditure and Rs. 3,267 crore for revenue expenditure. By October 31, it had used up around 93% of its budgeted amount, spending 1.02 lakh crore from the capital budget and going above its allotted amount for revenue expenditures by 25,399 crore. The allocation will be finalised by the end of the month, according to a finance ministry official, and the railways should receive a significant rise. It will undoubtedly be a significant increase, but the ministry might not need to allocate that much money. In addition to the income from asset monetisation, the railways have maintained their expectations for own internal revenue for FY24 at approximately the same level as this year. Also read: India's first vertical lift sea bridge to be completed soon CORE completes electrifying numerous segments and routes

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?