Indian Railways reports revenue growth of 25% in FY23 at a record Rs 2.4 crore

Indian Railways said on Monday it had posted record revenue of Rs 2.40 lakh crore in the 2022-23 financial year. That is almost Rs 49,000 crore more than last year, representing a growth of 25 per cent. In this fiscal year 2022-23, freight revenue has also increased to Rs 1.62 lakh crore, a growth of almost 15 per cent year-on-year.

The railways’ passenger revenue recorded an all-time high of 61 per cent to Rs 63,300 crore. After three years, the national carrier is able to fully cover pension expenses, the Ministry of Railways said in a statement.

After paying off all revenue expenses, the railways generated Rs 3,200 crore for capital investment from their internal resources. In terms of traffic revenue, the railways earned Rs 63,300 crore in passenger revenue in 2022-23 compared to Rs 39,214 crore in 2021-22 – up 61 per cent from the last financial year.

The national transporter earned Rs 5,951 crore in other coaching revenue in 2022-23 compared to Rs 4899 crore in 2021-22, up 21 per cent from the last financial year. Revenue from miscellaneous items was Rs.8,440 crore in FY22-23 compared to Rs.6,067 crore in 2021-22, up 39 per cent from last year. In 2022-23, gross receipts were Rs 2,39,803 crore compared to Rs 1,91,278 crore in 2021-22.

The railway said it has invested Rs 1 lakh crore in expanding the capacity of its network and FY2023 saw its highest ever new line commissioning and doubling/multitracking of 5243km. In addition, 6,565 km of rails have been electrified with an investment of Rs 6,657 crore, driving the railway to reach the target of 100 percent electrification in the current fiscal year.

“Railways are focused on making safety a top priority,” the ministry said, adding that a total investment of Rs 25,913 crore has been made in safety in reinforcing tracks, bridges, height dividers, etc.

The ministry said the increased investment in DFC (Dedicated Freight Corridor) and the Mumbai-Ahmedabad high-speed rail project has ensured rapid progress on these projects. The National High-Speed ​​Rail Corporation Limited or NHRSCL, which manages the high-speed rail corridor, received Rs 12,000 crore and the Dedicated Freight Corridor Corporation of India or DFCCIL received Rs 14,900 crore.

“Vande Bharat is being propagated on the system. The procurement of wagons rose by 77.6 percent to 22,747 wagons compared to the previous year.

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