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India: Indian Railways earns record revenue of $29.2 billion in 2022-23
Rise in both passenger and freight revenue enabled state-run company to post 25% higher revenues, while investments into electrification and track and train modernisation increased exponentially
The Indian Railways has registered record revenue of Rs2.40 lakh crore ($29.2 billion) for the financial year 2022-23, which is nearly Rs49,000 crore ($5.9 billion) more than the previous year, reflecting a 25 per cent growth, according to an official statement.
Indian Railways' passenger revenue has also registered an all-time high growth of 61 per cent to reach at Rs63,300 crore ($7.6 billion), it said.
During this financial year 2022-23, freight revenue too has leapfrogged to Rs1.62 lakh crore, a growth of nearly 15 per cent on the previous year.
"After three years, Indian Railways is able to fully meet the pension expenditures. Buoyancy in revenues and tight expenditure management have helped in achieving an Operating Ratio of 98.14 per cent, well within the RE target. After meeting all revenue expenditures, Railways generated Rs3,200 crore for capital investment from its internal resources," the statement read.
It further said that Indian Railways earned Rs63,300 crore as passenger revenue in 2022-23 as compared to Rs39,214 crore in 2021-22 which is 61 per cent higher than the last financial year.
"Indian Railways earned Rs5,951 crore as other coaching revenue in 2022-23 as compared to Rs4,899 crore during 2021-22 which is 21 per cent higher than the last financial year, Sundries revenue stood at Rs8,440 crore during FY 22-23 as compared to Rs6,067 crore in 2021-22 which is 39 per cent higher than the last year," the statement read.
Rs1 lakh crore ($12.2 billion) was invested in augmenting the capacity of the network. FY23 saw highest-ever commissioning of new lines and boubling/multi-tracking etc. of 5,243km.
A total length of 6,565km of track was electrified with an investment of Rs6,657 crore, propelling the service provider towards achieving the goal of 100 per cent electrification in the current fiscal.
"Railways are focused on providing safety highest priority. An investment of Rs11,800 crore under Rashtriya Rail Sanrakhsa Kosh was made during FY23 for various safety works. Government while appreciating the need for renewal of ageing assets, has provided Rs10,000 crore and Railways also contributed Rs1,800 crore from internal resources for upgradation of depreciated assets," the statement read.
As per the statement, the Vande Bharat train is being proliferated on the system. Wagon procurement jumped by 77.6 per cent over the previous year to 22,747 wagons. Modern rolling stock of Rs44,291 crore was procured for better passenger comfort and for augmenting the Railways' loading capacity.
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