In a significant development during the Interim Budget 2024, Union Finance Minister Nirmala Sitharaman announced the government’s commitment to enhancing national infrastructure through the creation of multiple railway corridor projects. This initiative is part of a broader plan, with an impressive 11.1 percent increase in capital outlay, surpassing Rs 11 lakh crore, accounting for 3.4 percent of the Bharat GDP.
Sitharaman outlined three key railway corridor programs that will be implemented under the PM Gati Shakti initiative. These include the energy, mineral, and content corridor, the high traffic density corridor, and the port connectivity corridor. The government aims to boost transportation efficiency and connectivity across the country through these strategic corridors.
One notable aspect of the announcement is the conversion of 40,000 normal railway bogies into Vande Bharat bogies. This move is geared towards enhancing passenger convenience, reflecting the government’s commitment to modernizing railway travel for the benefit of the public.
The Finance Minister emphasized the significance of the government’s efforts to promote multi-modal connectivity. By reducing costs, improving logistics efficiency, and decongesting high traffic corridors, these initiatives aim to create safer and faster travel experiences for passengers. The overarching goal is to foster economic growth by investing in key sectors that drive development.
Central to the plan is the integration of dedicated freight corridors, working in tandem with the three railway corridors. This holistic approach is expected to contribute to a reduction in logistic costs, thereby accelerating overall GDP growth. The Finance Minister highlighted the potential positive impact on the economy, emphasizing the importance of a well-connected and efficient transportation system.
In conclusion, the government’s push for railway corridor projects and the associated increase in capital outlay signal a commitment to bolstering national infrastructure. The emphasis on modernization, efficiency, and connectivity underscores the government’s dedication to fostering economic growth and improving the overall travel experience for the citizens of Bharat.
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