FM Nirmala Sitharaman has announced a significant 11.1% increase in the capital expenditure (capex) outlay for the fiscal year 2024-25 during the Interim Budget 2024 announcement. Notably, this move is seen as a strategic move to propel economic growth and fortify infrastructure development.

Meanwhile, the robust allocation of Rs. 11.11 trillion, unveiled in the interim budget, builds upon the government’s consistent efforts in recent years to boost infrastructure, create employment, and stimulate economic progress.

Budget Boosts Capex to Rs. 11.11 Trillion

The Interim Budget 2024 brings a substantial rise in capital expenditure, with Finance Minister Nirmala Sitharaman revealing a whopping Rs. 11.1 trillion allocation for infrastructure development. This marks an 11.1% surge from the previous fiscal year’s Rs. 10 trillion allocation.

Meanwhile, global financial market watchers were eagerly waiting for the India Budget 2024, for cues on the upcoming plans in India’s economic landscape. Meanwhile, the consistent growth trajectory in capex includes a remarkable 37% increase in the current fiscal year, following growth rates of 24% in FY23 and 40% in FY22.

Paving the Way For Vision 2047

Addressing the nation, Finance Minister Sitharaman emphasized the government’s commitment to steeply increasing the capital investment outlay for the fifth consecutive year. This surge, now accounting for 3.4% of the GDP, is a vital step in realizing the ambitious Vision 2047 goals.

Notably, the bulk of the increased capex is directed towards crucial sectors like roadways, shipping, and railways, amplifying efforts to complete projects under the Vision 2027 plan.

Meanwhile, this strategic move underscores India’s determination to position its infrastructure sector as the primary driver in achieving its $5 trillion economy target and attaining developed nation status by 2047. The increased capex not only fuels ongoing progress but also aims to attract private investment, creating a synergy that propels India towards its future economic aspirations.

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Filed under: News - @ January 1, 1970 12:00 am