Union Budget 2022 is shceduled to be presented by Finance Minister Nirmala Sitharaman on February 1. Along with the General Budget, Sitharaman will also be presenting the Railway Budget. The Railways suffered a loss of Rs 26,338 crores in the past year due to the COVID-19 pandemic. Therefore, it is expecting to get higher allocation in this year's budget to recover.
Here's what the Railways can expect from Budget 2022:
Last year, the government had allocated Rs 1,10,055 crore to the Railways. This year, FM Sitharaman may increase the outlay for the railways by 15-20 percent. An amount of around Rs 2.5 lakh crore is likely to be designated.
Furthermore, she may announce the expansion of Vande Bharat train sets, new wagons, and provisions for the use of Hyperloop for the next financial year, according to a Moneycontrol.in report. Ten new aluminum-built light trains could be announced for long-distance travel, in addition to a bullet train between Delhi and Varanasi. Plans are likely to be implemented for the development of more projects like Tejas to connect various tourist destinations across the country. Also, more emphasis would be given to the development of dedicated freight corridors.
There may also be an announcement to fuel the Indian Railway's target to become the largest green railway in the world with zero carbon emissions.
The PHD Chamber of Commerce and Industry (PHDCCI) also shared a few suggestions ahead of the Budget. This includes setting up a railway line from Pandurangapuram to the temple town of Bhadrachalam, re-classification of Bauxite from class 160 to class 145 in Railways tariff structure, re-classification of Alumina from class 180 to class 170 in Railways tariff structure, and more.
Finally, the FM could also make big infrastructure announcements. Re-development of 500 railway stations could be announced in Budget 2022, to be named `Kayakalp` by the government.
(With inputs from agencies)