Indian Railways Budget: Record Capex & High-Speed Dreams, Par PSUs Ka Reaction Mixed!

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AuthorAnanya Iyer|Published at:
Indian Railways Budget: Record Capex & High-Speed Dreams, Par PSUs Ka Reaction Mixed!
Overview

Bhai log, Budget 2026 mein Indian Railways ke liye **₹2.78 lakh crore** ka record capex announce kiya gaya hai! Aur toh aur, **7** naye high-speed rail corridors bhi banenge. Lekin market mein railway PSUs ka response mila-jula raha, kyunki derivatives par STT hike ho gaya.

Infrastructure Drive Fuels Railway Allocations

Dekho, Budget 2026 ne toh Railways pe full focus dikhaya hai. Is baar ₹2.78 lakh crore ka record capital expenditure (capex) allocate kiya hai for FY2026-27. Ye pichhle saal se 10.3% zyada hai! Plus, ₹15,000 crore extra bhi milne waale hain. Total outlay ₹2.93 lakh crore ke aas-paas ho jayega. Earnings ₹3.86 lakh crore aur expenditure ₹3.82 lakh crore pakdi gayi hai, matlab ₹3,500 crore se zyada ka surplus dikh raha hai. Government infrastructure ko growth ka engine maanti hai.

High-Speed Corridors and Sector Response

Sabse cool baat ye hai ki 7 naye high-speed rail corridors banne wale hain! Jaise Mumbai-Pune, Delhi-Varanasi, Chennai-Bengaluru wagera. Isse travel easy hoga. Ab PSUs ka kya scene raha? Rail Vikas Nigam (RVNL) aur IRCTC toh lagbhag 3% upar bhage. Lekin Ircon International aur Rail Vikas Nigam (dusre PSUs) thoda neeche gire. Aur bhai, main market mein toh hahakaar mach gaya. STT derivatives par badha diya Finance Minister ne, jiske chalte Sensex aur Nifty lagbhag 2% gir gaye.

Persistent Financial and Operational Hurdles

Par bhai, itna paisa kharch karne ke baad bhi Railways ke kuch purane issues abhi bhi hain. Operating ratio 98.43% dikha rahe hain FY2025-26 ke liye, jo thoda accounting adjustments se manage kiya gaya hai. Revenue bhi targets se peeche raha hai. Passenger revenue ₹80,000 crore hi aaya budgeted ₹92,800 crore ke muqable. Freight revenue bhi kam raha. Matlab khud ka surplus banane mein mushkil ho rahi hai, isliye capex ke liye government funding pe depend karna padta hai. FY26 mein passenger revenue 16% badh ke ₹92,800 crore hone ka target hai, aur freight revenue 4.4% badh ke ₹1.88 lakh crore hone ka andaaza hai.

Infrastructure Redevelopment and Privatization Debates

Dedicated Freight Corridors (DFCs) ka kaam bhi chal raha hai, aur station redevelopment bhi Amrit Bharat Station Scheme ke under ho raha hai. Lekin projects execute karne mein, upkeep mein aur kuch stations ko financially viable banane mein dikkat aa rahi hai. Public Investment Board ne kaha hai ki Railways ko apne construction aur revenue models pe dobara sochna chahiye. Ho sakta hai future mein private capital ka involvement badhe. Par privatization ko lekar koi concrete announcement budget mein nahi thi.

Sectoral Outlook and Market Dynamics

Overall, logistics sector bhi railway ke performance pe depend karta hai, jismein abhi bhi fragmented networks aur costs ki issues hain. Par government ki infra investment aur National Logistics Policy se system behtar hone ki ummeed hai. Budget wale din market ka reaction toh STT hike se hi jyada affected tha. Railway PSUs mein kuch ko faayda mila, par overall sentiment tax increase aur Railways ki financial health ko lekar chinta mein tha.

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