IR utilises 59 per cent capex in April-September period of 2023-24

According to Ministry of Railways, IR has utilised 59 per cent of its total capital expenditure in the first six months of 2023-24. This has been made possible owing to 38 structural and procedural reforms undertaken in these six months, which helped improve its overall performance. The total rail budget for 2023-24 stood at Rs 2.4 trillion. Of this, Rs 1.4 trillion have been utilised in the first half of 2023-24. In terms of the structural reforms carried IR, the entire system of project execution, its finance and monitoring process have been revamped to enable transparency and quality control. The item rate contract system has been changed to engineering, procurement, and construction (EPC) contracts, which is better and more accountable. Earlier, detailed project reports (DPRs) were made more like a formality. However, now a process has been laid down for preparing a very authentic and detailed DPR.