Indian Railways intends to purchase new trains for a total cost of Rs. 1 lakh crores
According to Union Railways Minister Ashwini Vaishnaw, the Indian Railways is planning to acquire new trains with a total investment of 1 lakh crore over the next several years.
According to him, this is attributable to rising demand in the passenger travel industry. The minister went on to say that this is part of a bigger renovation that aims to enhance the number of trips and rail availability for products and services.
What is the goal of this investment?
The goal is to replace old rolling stock, which will necessitate the purchase of 7,000-8,000 new train sets. Tenders will be issued in 4 to 5 years. This will necessitate floating train purchase tenders totaling over 1 lakh crore, which will be fulfilled over the next 15 years by replacing aging rolling stock, according to Vaishnaw.
Vaishnaw further stated that the Railways had used 70% of their 2.4 lakh crore budget for FY24, and that development on the track laying project is proceeding as expected. To meet the present pace of economic development by 2030, they will need to invest close to 12 lakh crore on Indian Railways.
The planned train acquisition will include maintenance contracts and particular criteria mandating that they be manufactured in India, utilizing existing Railway infrastructure.
He also emphasized important structural and procedural reforms that have accelerated capital spending inside the Railways. The capital budget is specifically designated for a significant refurbishment, which includes the improvement of critical infrastructure such as trains, rails, safety technologies, and stations.
In terms of specific projects, the minister stated that the completion of the 1337-kilometer Eastern Dedicated Freight Corridor will create new industrial hubs and assist Gati Shakti Cargo Terminals. Around 80% of the Western Dedicated Freight Corridor is also finished.
According to Vaishnav, 5,000-6,000 km of track have been laid in the current fiscal year, with an average of 16 km of construction every day. This is a rise above the 5,243 kilometers of track laid in FY23, which averaged 14 kilometers per day.
Indian railways plans to add 3,000 more trains
The Indian Railways currently operates 10,754 daily train rides, and plans to add 3,000 more trains seek to completely eliminate waiting lineups. Except during peak demand months, they aim for a 30% increase in voyages by the end of this decade to address the issue of passenger waiting lines, according to Vaishnav.
Also read: Essar Group intends to invest 55,000 crores on Gujarat’s infrastructure
In comparison to pre-Covid years, the national transporter has already expanded journeys by 568, allowing it to carry 700 crore passengers yearly. By 2030, this figure is predicted to climb to 1,000 crore yearly passengers.
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