- Indian Railways plans to procure new trains worth Rs 1 lakh crore over the next 4-5 years to replace aging rolling stock and meet increasing passenger demand.
- The initiative aims to introduce around 7,000-8,000 new train sets and involve floating train procurement tenders, with a focus on utilizing indigenous technology and manufacturing within India.
- The Railways aims to eliminate waitlisting by adding 3,000 additional daily train trips, increasing the current 10,754 daily trips to accommodate the projected 1,000 crore passengers annually by 2030.
- Track laying progress continues as per plan, aiming for 5,500 to 6,000 kilometers of new tracks by the fiscal year’s end, contributing to the establishment of dedicated freight corridors for faster movement of goods and passengers.
- Almost 70% of the Rs 2.4 lakh crore capital budget for FY24 has been utilized, emphasizing the need for an estimated Rs 12 lakh crore investment in the Railways to support future economic growth by 2030. Structural reforms have been implemented to ensure effective capital spending for modernizing infrastructure.