 "Budget 2023: India 2023/24 budget raises capex spend to 10 trillion rupees")
Mumbai: The Indian government will spend 10 trillion rupees ($122.3 billion) on longer term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the Covid crisis.
The allocation is higher than the 7.5 trillion rupees budgeted for in the previous year and the highest on record.
The year-on-year increase of 33 per cent is only marginally lower than last year’s 35 per cent jump.
The ratio of capex-to-GDP, which rose to 2.7 per cent in 2022/23, is estimated at 3.3 per cent in the new financial year, Finance Minister Nirmala Sitharaman said.
The government will also continue a 1.3 trillion rupees long-term loan to states for longer term investments, the minister said.
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