Indian Railways Set to Create History in Term of Freight Business in FY 2023- 2024

On March 15, 2024, the Ministry of Railways made an auspicious announcement, heralding a new peak for Indian Railways in terms of its freight business, total revenue, and track laying for the fiscal year 2023-2024. This proclamation marks a significant milestone in the annals of the nation’s railway history.

As of the date mentioned above, Indian Railways has surpassed its previous record in originating Freight loading, reaching a commendable 1,500 metric tonnes compared to the pinnacle of 1,512 metric tonnes achieved in the fiscal year 2022-2023. This upward trajectory in freight handling signifies the robustness of India’s logistics infrastructure.

In tandem with this remarkable freight performance, the total revenue of Indian Railways has surged to ₹2.40 lakh crores by March 15, 2024, exhibiting a notable escalation from the previous fiscal year’s revenue of ₹2.23 lakh crores by ₹17,000 crores. Despite this revenue surge, prudent financial management is evident as total expenditure for the year stood at ₹2.26 lakh crores, underscoring the Indian Railways commitment to fiscal responsibility.

The passenger segment has also witnessed a substantial uptick in activity, with a total of 648 crore passengers travelling during FY 2023-2024, showcasing an impressive growth of 52 crore passengers compared to the corresponding period of the previous year, which saw 596 crore passengers. This surge in passenger traffic underscores the enduring popularity and indispensability of rail travel in India’s transportation landscape.

Moreover, Indian Railways has demonstrated its commitment to infrastructure development by laying down 5,100 kilometres of new tracks as of March 15, 2024. Notably, the pace of track laying has exceeded expectations, with an average daily track laying of more than 14 kilometres per day, signifying a concerted effort towards expanding and modernising the railway network across the nation.

In summary, the achievements of Indian Railways in FY 2023-2024 underscore its pivotal role in facilitating both freight and passenger transportation, contributing significantly to the country’s economic growth and connectivity. With robust performance across key metrics and ambitious infrastructure expansion initiatives, Indian Railways remains a cornerstone of India’s transportation infrastructure, poised to elevate its stature in the years further to come.

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