Last Updated: February 01, 2023, 13:46 IST
Finance Minister Nirmala Sitharaman on Wednesday introduced the Union Budget for 2023-24 with the best ever outlay for the Indian Railways at Rs 2.40 lakh crore. This was 9 occasions the outlay made in FY 2013-14, she stated.
In what she known as the “first Budget in Amrit Kaal”, the FM additionally introduced that no less than 100 crucial transport infrastructure tasks for final and first mile connectivity have been additionally recognized and will likely be taken up on precedence for metal, coal, fertiliser and foodgrain sectors with funding of Rs 75,000 crore, together with Rs 15,000 crore from personal sources.
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“Capital outlay of Rs 2.40 lakh crore has been provided for the Railways. This is the highest ever outlay and is about nine times the outlay made in 2013-14,” she stated.
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She additionally stated that the Indian financial system has elevated in measurement from being tenth to fifth largest on this planet previously 9 years. “We have made vital progress in lots of SDGs, financial system has turn into lot extra formalized, environment friendly implementation of schemes has caused inclusive growth,” she stated.
In her speech, she also said the Budget for 2023-24 hopes to build on the foundation of the previous budget and blueprint for India@100. The last full Budget of the second term of the Bharatiya Janata Party-led NDA government ahead of the general elections in 2024 is Sitharaman’s fifth full Budget after she took over as the Finance Minister in July 2019.
“The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war,” she added.
MASSIVE INCREASE IN CAPITAL EXPENDITURE OVER THE YEARS
According to the Economic Survey, launched on Tuesday, the capital expenditure, or the capex, on infrastructure in railways has acquired an incredible enhance publish 2014.
In FY23, the capex (B.E.) was of Rs 2.5 lakh crore, up by round 29% in comparison with the earlier 12 months. The common capex has greater than doubled between 2009-14 and 2014-22 interval, the survey exhibits.
The report reveals that the typical capex outlay on railway electrification has jumped by practically 4 occasions between 2009-14 and 2014-22.
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