Railway Budget
Updated on July 18, 2023
The Railway Budget in India used to be an annual financial statement presented by the Minister of Railways, separate from the Union budget. It provided financial details and plans specifically for the state-owned Indian Railways, which manages rail transport in the country. However, in 2016, the Modi government approved the merger of the Rail and General budgets, ending the practice of a separate Railway Budget. The decision was made to streamline and improve the efficiency of the railway sector and align it with the overall economic goals of the country. The merger was also seen as a step to modernize and move away from a colonial-era practice.
The latest allocation towards railways in the Union Budget of 2023 was to the tune of Rs. 2.40 lack crores. This is the highest-ever allocation in the history of Indian Railways and is approximately 9 times the outlay towards Indian Railways in 2013-14. The focus of India Railways is to develop and transform 1275 targetted railway stations, increase production of Vande Bharat trains, upgrade the rail tracks to accommodate a speed of 160kmph, and more.
