Railway Ministry requests 30% increase for FY24 budget

09 Dec 2022 CW Team

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

Infrastructure Transport

27 Jun 2026

Noida Airport Fuels NCR Realty Growth

The start of commercial operations at Noida International Airport has recently emerged as a major trigger for real estate growth across Noida, Greater Noida and the Yamuna Expressway region. The airport is expected to improve regional connectivity and support the next phase of development in eastern NCR.The airport, inaugurated on 28 March, has begun passenger services, while cargo operations are also expected to strengthen its role as an economic and logistics hub. Its operationalisation is expected to reduce dependence on Delhi’s Indira Gandhi International Airport for residents and busine..

thyssenkrupp and GlobalLogic Form AI Alliance

thyssenkrupp AG and GlobalLogic, a Hitachi Group company, have recently formed a strategic alliance to deploy autonomous robotics and Physical AI across heavy industry operations. The partnership aims to improve safety, reduce engineering bottlenecks and accelerate industrial transformation at scale.The alliance brings together thyssenkrupp’s industrial expertise with Hitachi’s innovation capabilities. It includes GlobalLogic, Method and Hitachi America R&D, creating a “Lab-to-Scale” pipeline that connects research, digital strategy, design and enterprise software engineering for i..

Platinum Corp Launches Luxury Suites in Santacruz

Platinum Corp has recently launched Platinum Stellar: Bespoke Presidential Suites, a premium residential project in Santacruz West, Mumbai. The development is positioned as a boutique luxury offering for homebuyers seeking expansive layouts, privacy and personalised living experiences.Located on Main Avenue, the project has been designed as a low-density, high-end residential address with spacious homes starting from 2,500 sq ft and extending to full-floor residences. The project targets HNIs, business owners and legacy residents from the Bandra-Khar-Santacruz belt.Platinum Stellar has been de..