The government has allocated more money to the Indian Railways in the latest Budget than in the five years leading up to the pandemic combined. Railway expenditure for the upcoming financial year 2024-25 (FY25) is pegged at Rs 2.6 trillion. The total spending between FY15-19 was Rs 2.2 trillion (chart 1).

       Freight earnings are expected to grow 6.5 per cent in FY25. This is faster than the 2.5 per cent expected in the revised estimates for

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