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Business News/ News / India/  Budget 2023: Capital outlay of 2.4 lakh crore provided for Indian Railways
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Budget 2023: Capital outlay of ₹2.4 lakh crore provided for Indian Railways

Finance Minister Nirmala Sitharaman announced that capital outlay of ₹2.4 lakh crore provided for Railways; highest-ever allocation since 2013-14

Vande Bharat Express train passes through Azadpur area, in New Delhi (PTI)Premium
Vande Bharat Express train passes through Azadpur area, in New Delhi (PTI)

India's government will raise its capital expenditure by 33% to 10 trillion rupees ($122.29 billion) in the next fiscal year, finance minister Nirmala Sitharaman said on Wednesday.

The government proposed a capital outlay of about 2.40 lakh crore for railways, said Union finance minister Nirmala Sitharaman on Monday while presenting the Union Budget 2023-24 in Lok Sabha. This budgeted outlay for the railways, Sitharaman told Parliament, is the highest ever and nine times of what it was in 2013.

Union Budget 2023: Highlights

This budgeted outlay for the railways, Sitharaman told Parliament, is the highest ever and nine times of what it was in 2013.

Overall, the government proposed to increase capital expenditure outlay by 33 per cent to 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP, said Union finance minister Nirmala Sitharaman.

"(This overall outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With the substantial increase, it is central to government's efforts to enhance growth potential and job creation, the crowd in private investments and provides a cushion against global headwinds," Sitharaman said in her Budget speech.

“Since Railways is the largest employer in the country, hopefully, when unemployment levels are high, the additional outlay to the railways will create jobs. This is also a positive. India has a huge potential for fast intercity trains as an alternate to budget airlines for cities that can be covered with 3 to 4 hours. Also, the rationalization of income tax rates, including surcharges thereon, is a move towards a positive direction. It is a welcome move," said Sanjay Sen, Senior Advocate, Supreme Court of India.

Sitharaman started her Budget speech at 11 am, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 is also presented in paperless form.

*With agency inputs

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Published: 01 Feb 2023, 11:57 AM IST
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