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.

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