DELHI (Metro Rail News): The Finance Minister presented the Union Budget for this fiscal year in parliament on Feb 1, 2022. However, instead of just the Delhi Metro Rail Corporation (DMRC), the Finance Ministry has granted a budget for all Metro Projects in the country.
As a result, the allocation for all Metro projects in India has been made in the Union Budget for the financial year 2022-23. The Minister of Finance of India, Nirmala Sitharaman, has allotted Rs 3,702 crore in equity investment, Rs 1,272 crore in subordinate debt, Rs 14,156 crore in pass through assistance, and a total budget of Rs 19,130 crore for all metro projects in the country.
In her Budget Speech of 2022-23, the Finance Minister said that innovative ways would be encouraged for financing and faster implementation for building metro systems of appropriate type at scale. In addition, the FM stated that multimodal connectivity between mass urban transport and railway stations would be prioritised in the country.
In addition, Sitharaman claimed that the design of metro systems in India, including civil constructions, will be re-oriented and standardised for Indian conditions and requirements. Meanwhile, the Finance Minister stated in her Budget Speech 2022-23 that the National Ropeways Development Program, which is environmentally sustainable, will be taken up on a public-private partnership (PPP) basis as a preferred alternative to conventional highways in challenging hilly locations.
According to the FM, the goal of this initiative is to improve commuter convenience and connectivity while also boosting tourism. According to the minister, the National Ropeways Development Program may also cover crowded urban areas where conventional mass transit is not practical. In the fiscal year 2022-23, contracts for up to eight ropeway projects with a total length of 60 kilometres would be awarded.