Indian Economy News

Indian Railways surpasses its FY22 revenue in nine months of FY23

  • IBEF
  • January 23, 2023

The Railway Ministry has informed that the Indian Railways has already surpassed its total earnings of FY22 with three months remaining in the current fiscal year. Around US$ 23 billion (Rs. 1.91 trillion) has been earned so far in this fiscal year, which is over US$ 5.21 billion (Rs. 42,370 crores) more than the last fiscal year.

It is estimated that US$ 16 billion (Rs. 1.3 trillion) was earned from the freight business, with approximately US$ 6.39-6.5 billion (Rs 52,000-53,000 crores) coming through passenger fare, and the rest through coaching, parcel services, and sundry receipts. The Indian Railways had ferried about 1,185 million tonnes (MT) of raw material goods as of January 19, 2023, which is 8% more than the whole of the previous fiscal year. The revenue also increased by 17% on a year-on-year basis.

As per the latest data, coal loading is 62 MT higher than the last year, whereas the total increase in the overall freight is 80 MT, which means coal is continuing to dominate the Railway’s freight basket.

In the FY23 budget, the national transporter had set a target of 1,475 MT of freight loading and gross freight revenue of US$ 20 billion (Rs 1.65 trillion), while passenger revenue was pegged at US$ 7 billion (Rs 58,500 crores). According to officials, the Railways will surpass both these numbers by March, ending the fiscal year with freight loading between 1,500-1,550 MT and total revenue of about US$ 29 billion (Rs. 2.35 trillion).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.