Speaking at the recently hosted Partnership Summit 2023, Railways Minister Ashwini Vaishnaw called out the new budgetary allocation of ₹2.40 lakh crores historic. The Summit was organised by the Confederation of Indian Industry (CII) and the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
He said this new budget will fundamentally change the productivity of the Indian economy and will reduce the railways’ logistics costs. The Indian government is working on increasing logistical capacity at the bottlenecks and the average rolling stock and creating a new-age infrastructure and better train designs for an enhanced passenger experience. He especially mentioned the Bullet Train that will change the mode of operation.
Regarding the USD 87 billion-worth manufacturing industry, Vaishnaw acknowledged the government’s initiatives like creating the ecosystem, a clear policy framework, and boosting the semiconductor industry. He shared his vision that India will have a robust semiconductor industry in 3-4 years.