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The upcoming Railway Budget 2024-25, the first under the Modi 3.0 government, carries significant expectations as the Centre focuses on propelling transformative growth over the next five years. The key areas of focus are expected to be passenger comfort and convenience, modernization of railway stations, enhanced connectivity, and upgraded train services, mirroring global standards. Furthermore, the budget is anticipated to address last-mile connectivity challenges for freight and logistics, thereby bolstering revenue amidst a burgeoning industrial sector.
Improving passenger experience is paramount, as modern India has become familiar with global trends in convenience and comfort. Harnessing this expectation through enhanced passenger experience not only increases satisfaction but also contributes to significant revenue growth. Modernization of railway stations, improved connectivity, and upgraded train services aligning with international standards are crucial for achieving this goal, according to Harsh Varshneya, principal architect at STHAPATI.
Investing in passenger experience is expected to drive an increase in passenger traffic. Varshneya highlights the challenge of attracting passengers in major parts of the country due to the growing aviation sector. He emphasizes that railways can remain competitive by prioritizing improvements in railway station infrastructure, providing faster connectivity, and offering train services that meet global standards.
Freight and logistics are expected to receive a significant push as India attracts more international businesses. Railways are poised to address the last-mile problem in freight and logistics, leading to a substantial increase in revenue. This aligns with the government's efforts to boost the industrial sector and position India as a global manufacturing hub.
Transportation hubs and multi-modal hubs are critical components of the railway network and are expected to receive significant budget allocations. Mitu Mathur, Director of GPM Architects and Planners, highlights the importance of developing railway stations as multi-modal hubs. This strategy reduces distances and travel times, fostering economic revitalization and social upliftment. These hubs create employment opportunities and unlock real estate potential on previously underutilized land parcels, driving sustainable urban development.
The Railway Budget 2024 is anticipated to be a pivotal document that will outline the government's vision for the future of India's railway network. The focus on passenger comfort, modern infrastructure, and efficient logistics systems is expected to create a more robust and accessible rail network, ultimately contributing to the nation's economic growth and societal well-being.