The Budget has successfully recognised and taken measures to address these concerns and has also gone beyond this to lay the roadmap for making India a Viksit Rashtra by 2047.
In line with CII recommendations, the capex thrust of the Government has continued with a sharp rise of 33 per cent in the budgetary allocation to 10 lakh crore in FY24 as compared to 7.5 lakh crores in FY23. With this, the Capex to GDP ratio is budgeted to rise to 3.3 per cent in FY24 from revised estimates of 2.7 per cent for FY23 and a steady increase from a long-term average of 1.7 per cent of GDP. This is expected to have a multiplier effect on growth next year and will help to crowd-in private investments, which are already seeing incipient signs of recovery. The Budget has reiterated the Centre’s push for cooperative federalism by continuing with the 1 lakh crore interest free loans scheme for state capex next year. This aligns with CII’s recommendations and shall help build synergies to boost growth.
This story is from the February 02, 2023 edition of The New Indian Express.
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This story is from the February 02, 2023 edition of The New Indian Express.
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