The central government will spend Rs 10 trillion (Rs 10 lakh crore) 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 Rs 7.5 trillion (Rs 7.5 lakh crore) budgeted in the previous year and the highest on record.
The year-on-year increase of 33% is only marginally lower than last year's 35% jump.
The ratio of capex-to-GDP, which rose to 2.7% in 2022/23, is estimated at 3.3% in the new financial year, Finance Minister Nirmala Sitharaman said.
The government will also continue a Rs 1.3 trillion long-term loan to states for longer term investments, the minister said.
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