Union Budget 2022- Announcements in Railways
Indian Railways and Union Budget 2022-
Understanding the importance of Railways to boost the growth of the overall Indian Economy, Union Finance Minister Shri Nirmala Sitharaman allocated higher funds to the Ministry of Railways this year. The Railway Ministry has been allocated Rs 1,40,367.13 crores as per the Union Budget 2022.
The Finance Minister put emphasis on the importance and scope of the recently launched PM GatiShakti National Master Plan in ensuring sustainable economic growth. The masterplan will encompass the seven engines (Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure) for economic transformation, seamless multimodal connectivity and logistics efficiency. Highlighting the role of Indian Railways, the Finance Minister mentioned that new products will be developed by Railways focussing on efficient logistics services for small farmers and Small and Medium Enterprises. Efforts will also be taken to integrate Postal and Railways networks to provide seamless solutions for movement of parcels.
The Finance Minister also announced the landmark “One Station One Product” initiative to boost local businesses and supply chains. In an aim to become “Atmanirbhar” Railways will bring in 2,000 km of network under “Kavach”, the indigenous world-class technology for safety and capacity augmentation in 2022-23. To strengthen passenger service, Railways will introduce four hundred new-generation Vande Bharat Trains. This initiative will also ensure better energy efficiency and will improve passenger riding experience. This initiative will be developed and manufactured during the next three years.
The Gati Shakti Masterplan calls for the establishment of new trains and freight terminals. In her budget speech, the Finance Minister called for the establishment of about 100 multimodal logistics facilities over the next three years.