
UNION BUDGET 2024-25
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Union Budget 2024-25: Budget Speech by Union Finance Minister
Smt. Nirmala Sitharaman
HIGHLIGHTS & ANALYSIS
Union Budget 2024 – 25
The Union Budget 2024-25 has allocated a record Capex of Rs. 2,62,200 Crores for the Railway sector for the Fiscal Year 2024-25. The Gross Budgetary support is Rs. 2,52,200 Crores.
Brief Updates:
- Railways to manufacture 2,500 extra general coaches in this current financial year, with approval given to manufacture 10,000 more.
- Kavach 4.0 has been approved, and its installation will now begin rapidly.
- New types of rolling stock such as Vande Metro, Vande Sleeper, Vande Bharat, and Amrit Bharat Train to be manufactured.
- Railways to achieve a freight loading of 3,000 MT by 2030.
- Railways to adopt a new approach for infrastructure development under the PM Gati Shakti Mission, enhancing Multi-Modal connectivity. As part of this initiative, three key Economic Railway Corridors have been identified:
- Energy, Mineral, and Cement corridors (192 Projects)
- Port connectivity corridors (42 Projects)
- High Traffic Density corridors (200 Projects)
- Railways to develop industrial clusters at strategic nodes, aiming to catalyse industrial growth in the eastern region of India. The identified nodes include:
- Kopparthy on the Visakhapatnam-Chennai Industrial Corridor,
- Orvakal on the Hyderabad-Bengaluru Industrial Corridor in Andhra Pradesh, and
- Gaya on the Amritsar-Kolkata Industrial Corridor in Bihar.
- Rs. 6,472.30 Crore allocated for Electrification.
- Rs. 29,312.19 Crore allocated for Doubling.
- Rs. 4,719.50 Crore allocated for Gauge Conversion.
- Rs. 34,602.75 Crore allocated for New Rail Lines.
- Rs. 52,313.78 Crore allocated for Rolling Stock.
- Rs. 9,274.69 Crore allocated for ROB/RUB.
State-wise allocation of funds for railway infrastructure and safety projects:
- Rs. 3,383 Crore allocated to Haryana.
- Rs. 2,698 Crore allocated to Himachal Pradesh.
- Rs. 19,848 Crore allocated to Uttar Pradesh.
- Rs. 5,131 Crore allocated to Uttarakhand.
- Rs. 3,694 Crore allocated to Jammu & Kashmir.
- Rs. 10,586 Crore allocated to Odisha.
- Rs. 10,376 Crore allocated to North East.
- Rs. 5,147 Crore allocated to Punjab.
- Rs. 15,940 Crore allocated to Maharashtra.
- Rs. 8,743 Crore allocated to Gujarat.
- Rs. 9,959 Crore allocated to Rajasthan.
- Rs. 14,738 Crore allocated to Madhya Pradesh.
- Rs. 7,302 Crore allocated to Jharkhand.
- Rs. 2,582 Crore allocated to Delhi.
- Rs. 6,922 Crore allocated to Chhattisgarh.
- Rs. 10,033 Crore allocated to Bihar.
- Rs. 5,336 Crore allocated to Telangana.
- Rs. 7,559 Crore allocated to Karnataka.
- Rs. 6,362 Crore allocated to Tamil Nadu.
- Rs. 3,011 Crore allocated to Kerala.
- Rs. 13,941 Crore allocated to West Bengal.
- Rs. 9,151 Crore allocated to Andhra Pradesh.
Post Budget Insights by Industry Experts:
The Union Budget 2024-2025 has significantly boosted electronics manufacturing and infrastructure, aimed at accelerating economic growth. The Ministry of Electronics and Information Technology (MeitY) saw a 52% increase in its allocation to Rs 21,936.9 crore. This, alongside substantial funding for the PLI scheme, underscores the government’s commitment to enhancing domestic manufacturing and competitiveness. Additionally, a PM Package of five schemes with a total allocation of Rs 2 lakh crore includes Rs 1.48 lakh crore for education, employment, and skilling, highlighting the focus on providing opportunities for youth. These measures will foster innovation, strengthen the MSME sector, and drive growth in the electronics security industry.
– Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.
We welcome the Government’s consistent approach towards Fiscal consolidation, supporting Capex in Infrastructure by reconfirming the allocation of Rs.11.11 lakh crore in the Budget as also additional allocations towards improving Urban and Rural Infrastructure. We also welcome the Government’s focus on employment generation, skilling, Woman empowerment, MSMEs and climate change mitigation as well as their encouragement to the States to carry out land and labour reforms and improve Ease of doing Business further. We believe this Budget paves the way for the next generation of reforms which we are confident will lead India to its deserved place of being Viksit Bharat.
Mr. Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited