New Delhi, February 1: Finance Minister Nirmala Sitharaman on Monday announced the Budget 2021. The Finance Ministry allocated an outlay of Rs 1.10 lakh crore for the Indian Railways. Out of the total amount, 1.07 lakh crore was allotted for capital expenditure. Sitharaman, during her budget announcement, said that the Indian Railways would monetise dedicated freight corridors assets after commissioning.

Sitharaman said, “I am providing a record sum of Rs 1,10,055 crores for Railways, of which Rs 1,07,100 crores is for Capital Expenditure only.” The railway budget focuses on the ‘green railways’ project and railway safety fund. Rs 63,000 crore were announced for Chennai Metro line. For reducing rail accidents due human error, Sitharaman said that highly utilised network routes of Railways would be provided with indigenously developed automatic train protection system. Budget 2021-22 Speech Highlights: Rs 35,000 Crore For COVID-19 Vaccines, Voluntary Vehicle Scrapping Policy, FDI in Insurance Sector Hiked - What FM Nirmala Sitharaman's Third Budget Is All About.

Nirmala Sitharaman's Statement:

Sitharaman said, "The following additional initiatives are also proposed. The Sonenagar-Gomoh section of 263 km on EDFC will be taken up in the PPP mode this year itself. Gomoh-Dankuni section of 274.3 km will also be taken up shortly in short succession."

She also said the Railways will take up the future dedicated freight corridor projects -- East Coast Corridor from Kharagpur to Vijayawada, East-West Corridor from Bhusawal to Kharagpur to Dankuni and North-South Corridor from Itarsi to Vijayawada. She said the detailed project report (DPR) will be undertaken in the first phase.

Sitharaman stated, “Indian Railways has prepared a National Rail Plan for India 2030. The plan is to create a future-ready railways system by 2030 - bringing down the logistic cost for the industry is at the core of a strategy to enable Make in India.” The Finance Minister said that the Indian Railways would focus on 100 percent electrification of broad gauge.

The Finance Minister read out the Budget for the financial year 2021-22 through a tab, making it the first digital budget on the Indian government. The Union budget was delivered in paperless form for the first time due to coronavirus pandemic.

(The above story first appeared on LatestLY on Feb 01, 2021 12:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).