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Rail Budget 2023: Expectations and Predictions

The Union Finance Minister, Nirmala Sitharaman, will present the fifth Rail Budget on February 1st, and the people have high expectations for it.

India TV Business Desk Edited By: India TV Business Desk New Delhi Updated on: January 24, 2023 13:28 IST
Rail Budget, railway budget 2023, budget 2023
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Railway Budget 2023:?Finance Minister?Nirmala Sitharaman will present the?Rail Budget on February 1.?In its first term, the Modi government linked the Rail Budget with the General Budget in 2016. According to reports , the Centre will increase the Railway Budget by up to 20% this time. The Railway Board had demanded 25-30% more funds in the allocation of the Finance Ministry. The government may give a fund of about Rs 2 trillion to the Ministry of Railways in the Budget.

BUDGET 2023: FULL COVERAGE

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This is the last full Budget of the Modi government before the upcoming Lok Sabha elections, and with ten states of the country going to polls this year, including big states like Rajasthan, Chhattisgarh, Madhya Pradesh, Karnataka, Telangana, and Tripura, Meghalaya, Nagaland, and Mizoram in the Northeast. The Central Government may announce many new railway facilities for passengers.

Amid strong railway earnings, calls have risen from various groups to reinstate subsidies, including the one where senior citizens over 60 years of age received up to a 50% discount before the Covid-19 pandemic, which has since been discontinued.

ALSO READ:?Union Budget 2023: Government likely to push railway assets monetisation

The Indian Railways plans to fully electrify its broad gauge railways by December 2023,?a report in news agency IANS said.?Additionally, it is working on developing metro rail systems in two Tier-2 cities and outer regions of Tier-1 cities, with the goal of becoming the world's first fully green rail service by the end of this year.

However, the Union Ministry of Railways has achieved Rs 42,370 crore more revenue compared to the previous financial year. The Railway's income has increased by 71%, whereas earlier in 2021, there was a loss of Rs 26,338 crore.

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