Interim Budget 2024: Sitharaman Unveils 3 New Railway Economic Corridors to Boost Infrastructure

In a comprehensive address outlining strategies to enhance India’s railway infrastructure, Finance Minister Nirmala Sitharaman has revealed plans for three pivotal railway economic corridors. These corridors are designed to address key sectors, including an energy, mineral, and cement corridor, a port connectivity corridor, and a high-traffic density corridor.

Underlining the significance of these initiatives, the minister disclosed that these railway projects have been specifically identified as part of the PM Gati Shakti Yojana, aimed at fostering multi-modal connectivity. She expressed optimism that the implementation of these corridors would not only enhance logistics efficiency but also contribute to a reduction in operational costs across the board.

Furthermore, Sitharaman underscored the critical role these corridors, alongside dedicated freight corridors, would play in accelerating the country’s GDP growth and concurrently mitigating logistic costs. Emphasizing the potential for decongesting high-traffic corridors, she asserted that this move would significantly enhance overall operational efficiency, resulting in improved safety measures and higher travel speeds for passengers.

In a bid to enhance safety standards and passenger convenience, the Finance Minister announced a substantial initiative wherein 40,000 standard rail bogeys would be converted to adhere to Vande Bharat standards.

Expanding her discourse to the aviation sector, Sitharaman noted the remarkable growth and galvanization of the industry over the past decade, evident in the proliferation of airports to a total of 149. She indicated a commitment to sustaining this momentum through the expansion of existing airports and the development of new ones.

Additionally, she highlighted the success of the Udaan scheme, specifically in bringing air connectivity to tier-2 and tier-3 cities. The Minister commended Indian carriers for their proactive approach, with orders placed for over 1,000 new aircraft, signaling a positive trajectory for the aviation sector.

Sitharaman’s address reflects a strategic and comprehensive approach to bolstering India’s transportation infrastructure, with a focus on railways and aviation. The unveiled economic corridors and safety initiatives in the railway sector, coupled with the sustained growth in aviation, underscore the government’s commitment to fostering economic development through efficient and connected logistical networks.

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