India’s 18 largest states are poised to witness a significant surge in capital expenditure for the fiscal year 2023-24, as per a recent report by Crisil. The report projects an 18-20% increase in spending compared to the previous year, attributing this growth to factors such as robust goods and services tax collections, stable central government devolution, and the allocation of interest-free loans totaling `1.3 lakh crore to states.
Overall Spending Growth: The report anticipates a substantial 18-20% rise in capital expenditure by these states, surpassing the 14% growth recorded in FY23.
Q: What does the recent Crisil report indicate about capital expenditure in India’s largest states for FY24?
A: The Crisil report predicts a substantial 18-20% increase in capital expenditure for India’s 18 largest states in FY24, surpassing the growth recorded in the previous fiscal year.
Q: What factors are contributing to this anticipated surge in capital spending?
A: Robust goods and services tax collections, stable devolution from the central government, and the allocation of interest-free loans totaling `1.3 lakh crore to states are identified as key factors driving the expected increase in capital expenditure.
Q: How have states budgeted for capital outlays in FY24, and what growth is anticipated?
A: States have budgeted for a strong ~43% increase in their capital outlays compared to fiscal 2023 levels. If actual spending aligns with past averages, it could translate to the projected 18-20% growth in the fiscal year.
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