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Finance Minister Nirmala Sitharaman Raises Wager On CAPEX Push For Growth, Jobs
Posted
February 1, 2022
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6:35Now PlayingFinance Minister Nirmala Sitharaman, in the Union Budget for 2022-23, has raised the bet on public capital expenditure to pump prime the investment cycle and spur India’s economic recovery from the pandemic through 2022-23. The ‘Effective Capital Expenditure’ of the Central Government is estimated at ₹10.68 lakh crore in 2022-23 or about 4.1% of GDP, factoring in Grants-in-Aid to States for creating capital assets, Ms Sitharaman said. This is a little over 27% more than the revised estimate of ₹8.4 lakh crore for the current year, which in turn is nearly 28% higher than 2020-21 allocations for such capital spending. India’s economic recovery is continuing to benefit from the multiplier effects from the sharp increase in public investment last year’s Budget, the Minister said, adding that CAPEX holds the key for a speedy and sustained revival and job creation.
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