Budget 2024: PM GatiShakti to be utilised for 3 major railway corridors

PM GatiShakti aims boost multimodal connectivity while moving towards logistics efficiency and reducing carbon footprint in rail movement

The Interim Budget for 2024-25 has laid the groundwork for the implementation of three major Economic Railway Corridors under the PM GatiShakti initiative. These include energy, mineral, & cement corridors, port connectivity corridors, and high-traffic density corridors, which were announced in the Interim Budget 2024 speech by Union Finance Minister Nrimala Sitharaman on Thursday.

The announcement, along with fostering multimodal connectivity, also marks a substantial push towards enhancing logistics efficiency and curbing the logistics costs associated with rail movement, according to a release by the Ministry of Commerce and Industry.

With these projects, the ministry aims to lower congestion of high-density rail routes, enabling modal shifts from road to rail, and promoting coastal shipping. This move aligns with the broader goal of reducing the carbon footprint within the logistics sector.

 

Union Minister Piyush Goyal further highlighted the potential for job creation and the "multiplier effect" on the country's economic growth resulting from investments in infrastructure development.

What is PM GatiShakti?

The PM GatiShakti National Master Plan (PMGS NMP) aims to provide multimodal connectivity infrastructure to various economic zones. The 2024 Interim Budget also presented opportunities for leveraging PMGS NMP in initiatives including the expansion of airports, the India-Middle East-Europe Economic Corridor, comprehensive development of tourist centres, expansion of Metro Rail & NaMo Bharat, and the establishment of more medical colleges.

PM GatiShakti offers a GIS-data-based decision support system for integrated planning in the logistics and infrastructure sector, contributing to the improvement of Ease of Living and Ease of Doing Business.

Since its launch, PM GatiShakti has been instrumental in planning physical infrastructure. The PMGS NMP has also helped significantly mitigate risks associated with infrastructure investments and encouraged foreign direct investment (FDI) inflows by enhancing logistics efficiency.