The Budget allocation includes the construction of new lines and the purchase of locomotives, wagons, and coaches, among other works.
Vaishnaw travelled in the engine of a Kavach-fitted train, which, while speeding at 130 kmph, stopped 50 metres before red signal on its own without any manual interference with the braking function by the loco pilot.
Kavach 3.2 version is being installed on approved high-density routes, the railway officials said, adding that upgrading and installation of the latest version on new routes will go on simultaneously to cover a wider railway network in a shorter period.
In its probe report into the June 17 accident in West Bengal's Darjeeling district that left 10 persons dead, including the loco pilot of the goods train, the Commissioner of Railway Safety (CRS) also recommended implementation of the Automatic Train-protection system (KAVACH) on top priority.
The Railway Board has reduced the speed of semi-high speed trains Gatimaan Express and Vande Bharat from 160 kmph to 130 kmph till the automatic train protection system gets operational.
Indian railways has developed its own automatic train protection system called Kavach for enhancing safety of running trains.
Kerala Governor Arif Mohammed Khan, Chief Minister Pinarayi Vijayan and Congress MP Shashi Tharoor were also present with the PM as he interacted with the students inside the train.
'Kavach', which literally means armour, is being promoted by the railways as the world's cheapest automatic train collision protection system.
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The Indian Railways is replacing its outdated signalling system with the latest automated train protection technologies - European Train Control System and Train Collision Avoidance System.
Electronic devices installed along tracks provide train signals to a computer fitted in the locomotive. If a driver goes over the designated speed, a dashboard in front of him gives a red alert sign at first. Even after this, if the train continues its journey, the train's brake is automatically applied.