Indian Railways got a big allocation in the Union Budget 2023, which was presented by Finance Minister Nirmala Sitharaman earlier today. Rs 2.40 lakh crores have been allocated for the railways, which is the highest in history. It has to be noted that the Railway budget was merged with Union Budget in 2016 and since then, it is not presented separately.
Sitharaman said that this railway allocation is about nine times the outlay made in FY 2013-14. The main reason for this high budget allocation is to focus on incomplete projects and the development of the railway infrastructure.
Sitharaman also said that there will be a special focus on bringing more high-speed trains across the country. The funds allocated this year will be used for laying new tracks, increasing the number of semi-high-speed Vande Bharat trains and introducing hydrogen-powered trains and the much-anticipated bullet train between Mumbai and Ahmedabad.
Apart from this, the union government proposed to reduce the highest surcharge rate from 37% to 25% under the new tax regime.