Template for Developed India

Union Budget 2023-24, with record capex, hopes to see a massive expansion in infra, even as it aims for fiscal consolidation and assuaging key constituencies

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A STANDOUT FEATURE of Union Budget 2023-24 is the record capex at Rs 10 lakh crore, which is almost twice the amount spent in 2021-22. When roads, highways and railways are expanded, the economy gets a major boost.

While global conditions remain uncertain, the Narendra Modi government’s commitment to boost infra on an unprecedented scale stands out. Indian Railways, for instance, plans to spend Rs 2.9 lakh crore over the next year, which, it is hoped, will have a multiplier effect on the economy.

The Modi government’s emphasis on infrastructure development is not new. In fact, this has been the hallmark of Modi’s governance plank – first as Gujarat CM, and then as PM. For instance, it was in his 2021 Independence Day speech that the PM laid down his vision of the PM Gati Shakti Plan. This overarching idea gets reflected in this year’s Union Budget as well.

Implementing the Big Ideas