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  5. Budget 2023: Modi govt allocates Rs 2.40 lakh crore for Railways, announces Sitharaman

Budget 2023: Modi govt allocates Rs 2.40 lakh crore for Railways, announces Sitharaman

Budget 2023: FM Sitharaman said that the states and cities will be encouraged to take up urban planning. 100 critical transport infrastructure projects have been identified for implementation.

Edited By: Shashwat Bhandari @ShashBhandari New Delhi Updated on: February 01, 2023 13:51 IST
Budget 2023, railway budget 2023
Image Source : INDIA TV Union Budget 2023

Budget 2023: The Modi government on Wednesday announced that it has fixed capital outlay of Rs 2.40 lakh crore for railways in financial year 2023-24, as the Finance Minister Nirmala Sitharaman presented her 5th budget in the Parliament. This will be the highest-ever allocation for railways since 2013-2014, she said. BUDGET 2023: FULL  COVERAGE

Among other announcements regarding the infrastructure development, Sitharaman said that the states and cities will be encouraged to take up urban planning. 100 critical transport infrastructure project have been identified for implementation.

The government will create Urban Infrastructure Development Fund on the lines of the Rural Infrastructure Development Fund that will be managed by NHB. Cities will be encouraged to increase creditworthiness for municipal bonds, the minister said.

For enhancing the ease of doing business, more than 39,000 compliances have been reduced, and over 3,400 legal provisions decriminalised, she added.

Earlier, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024).

ALSO READ Budget 2023: ALL UPDATES

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