India, Jan. 29 -- The Union Budget sets the overarching direction for India's infrastructure strategy, balancing sectoral performance with measures aimed at course correction. For Indian Railways, this Budget is particularly significant as it marks the tenth year since the merger of the Railway Budget with the General Budget. As such, it is expected to go beyond headline capital expenditure numbers and clearly articulate the long-term direction the Railways will take.

For the comparatively less complex roads and highways sector, the Budget is likely to broadly follow the established pattern of allocations, albeit with sharper focus areas. In the case of the Railways, financial sustainability has emerged as the central challenge. With the...