FinMin unveiled 3 new Railway Economic Corridors, Number of airports doubled to 149

by Psu Connect
Date: 02-02-24

Addressing a comprehensive and strategical budget estimation, the government has outlined to enhance the Indian railways infrastructure, bolstering economic development.

FinMin unveiled 3 new Railway Economic Corridors, Number of airports doubled to 149

Finance Minister Nirmala Sitharaman has revealed the plans for three railway economic corridors which will be designed to address key sectors, including an energy, mineral, and cement corridor, along with port connectivity and a high-traffic density corridor. The significant project has been unveiled under the PM Gati Shakti Yojana aiming to foster multi-modal connectivity. The implementation of these corridors would not only enhance logistics efficiency but would also contribute to a reduction in operational costs across the board.

The development of the corridors along with the freight corridors would play a crucial role in accelerating the nation’s GDP growth and consecutively mitigating logistics costs. The move would enhance overall operational efficiency, resulting in improved safety measures and higher travel speeds for the passengers.

The government has also planned a substantial initiative where 40,000 standard rail bogeys would be converted to adhere to Vande Bharat standards. While similar boost is potentially provided to the aviation sector as the proliferation of the airports sector has totaled to around 149 achieving remarkable growth and development.

The Indian aircraft carriers have been applauded for their domestic and global services approaches while indicating an order placed for over 1000 new aircraft, creating positive opportunities.

As per the government's connotation, the rollout of air connectivity to tier-two and tier-three cities under the UDAN scheme has been widespread. Five hundred and seventeen new routes are carrying 1.3 crore passengers. Remarkably, India is one of the fastest-growing civil aviation markets in the world and domestic air passengers are surging at a higher pace.

The government has taken the positive initiative to maintain healthy infrastructure growth fostering especially railway and aviation sectors which are termed as fundamental stones of the nation’s transportation growth.