Indian Railways will get a capex boost of Rs 2.4 lakh crore in 2023-24, a 65.6% increase compared to 2022-23.

“Capex for Indian Railways has been set at Rs 2.4 lakh crore, a record high; nine times more than in 2013,” Finance Minister Nirmala Sitharaman said in her budget speech on February 1.

The Union Budget for 2022-23 allocates Rs 1.4 trillion for railways, of which Rs 1.37 trillion is for capital expenditure and Rs 3,267 crore for revenue expenditure.

The funds will be used to build rail tracks, wagons, trains, electrification, signalling, and develop station facilities, focusing on safety.

In addition to rolling stock improvements, the railroad needed funds for several projects, including laying new lines, gauge conversion, electrification, and signalling.

The Ministry of Railways aims to electrify 100% of its network by 2023, laying at least 2,000 kilometres of new track and rolling out new Vande Bharat trains.

Indian Railways has asked to spend Rs 2.5 lakh crore for capital expenditure in 2023-24.

Overall, Rs 2.45 lakh crore has been allocated for railways through various financing channels in 2022-23, including funds raised through IRFC for capital expenditure deployment.