April 29, 2024 06:54 (IST)
Follow us:
Union Budget 2016: Building road and rail infrastructure a key focus area
New Delhi, Feb 29 (IBNS) Union Finance Minister Arun Jaitley on Monday presented the Union Budget 2016 where a total outlay of Rs. 2,18,000 crore has been proposed as capital expenditure for roads and railways in 2016-17.
Jaitley said that infrastructure and Investment is the Fifth Support Pillar of the Budget Theme ‘Transform India’.
For speeding-up of the process of road construction, an allocation of Rs. 27,000 crore has been purposed for Pradhan Mantri Gram Sadak Yojna (PMGSY) and Rs. 55,000 crore for Road Transport and Highways.
Another Rs.15,000 crore is to be raised by NHAI through Bonds.
An outlay towards capital expenditure of the Railways is proposed at Rs. 1,21,000 crore.
The finance minister announced that nearly 10,000 kilometre of National Highways are expected to be approved in 2016-17.
In addition nearly 50,000 KMs of State Highways will also be taken-up for up-gradation as National Highways.
The total outlay for infrastructure in budgetary estimates 2016-17 stands at Rs. 2,21,246 crore.
He said that the Government will enact necessary amendments in the Motor Vehicles Act and open-up the road transport sector in the passenger segment.
An enabling eco-system will be provided for the states which will have the choice of adopting the new legal framework.
Entrepreneurs will be able to operate buses on various routes, subject to certain efficiency and safety norms. This will benefit the poor and middle class, encourage new investment, promote start up entrepreneurs and create new jobs, according to the budget proposal.
Jaitley said, “We are planning to develop new Greenfield ports both in the eastern and western coasts of the country. The work on the National Waterways is also being expedited Rs 800 crore has been provided for these initiatives”.
In the Civil Aviation sector, un-served and under-served airstrips are to be revived by Airport Authority of India and also in partnership with state governments
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Goa Shipyard Limited signs MoU with Netherlands-based Damen Shipyards in field of e-Tugs Sun, Apr 28 2024
After postponing visit to India, Tesla CEO Elon Musk heads to China Sun, Apr 28 2024
AdaniConneX sets benchmark with construction financing framework of USD 1.44 billion Sun, Apr 28 2024
India’s export of premium-quality basmati rice up 22% till Feb 2024 Sat, Apr 27 2024
Small Finance Banks can now apply to become universal banks under the on-tap licesning norms: RBI Sat, Apr 27 2024
Difference Between Demat and Trading Account Fri, Apr 26 2024
SBI Cards Q4FY24 net profit grows 11% YoY to Rs 662.37 cr Fri, Apr 26 2024
Stock market opens in green with Nifty near 22,600 Fri, Apr 26 2024