Centre to invest Rs 1 Lakh crore on new trains, reveals Railway Minister Ashwini Vaishnaw
Union Railway Minister Ashwini Vaishnaw has recently revealed about government’s plan of invest Rs 1 lakh crore over the next few years.
New Delhi: Union Railway Minister Ashwini Vaishnaw has recently revealed about government’s plan of invest Rs 1 lakh crore over the next few years. The investment will be made keeping in view the increased demand in the passenger travel sector.
The union minister further said that this investment is part of a larger upgrade that seeks increase the number of trips and the availability of trains for goods and services.
Speaking about the investment, Ashwini Vaishnaw said, “The goal is to replace aging rolling stock for which 7,000-8,000 new train sets will be needed, Tenders for the same will be called in the next four to five years. This will require floating train procurement tenders worth about Rs 1 lakh crore which will be honoured over the next 15 years by replacing the older rolling stock.”
Additionally, the minister stated that the Railways has already utilised 70 percent of their Rs 2.4 lakh crore budget for Financial Year 2024, adding that progress in the track laying project is underway.
“We will require an investment of Rs 12 lakh crore in the Indian Railways to cater to the current level of economic growth by 2030,” he further added.
At the same time, the railway minister highlighted the significant structural and procedural reforms that expedited capital spending within the Railways. The completion of the 1337 km Eastern Dedicated Freight Corridor will open up new industrial hubs and facilitate Gati Shakti Cargo Terminals, he added.
As per reports given by union minister Ashwini Vaishnaw, as much as 5,000 to 6,000 km of tracks have been laid in the current fiscal. This is an increase compared to 5,243 km of track laid in financial year 2023.
The Indian Railways plan to add 3,000 more trains to eradicate waiting list entirely. “To solve the issue of waiting list in passenger categories, except during peak demand months, we aim for a 30 percent increase in trips by the end of this decade,” said Railway Minister.
Ms Kalinga