The Department of Expenditure, Ministry of Finance, Government of India, has granted approval for capital investment proposals totaling Rs. 56,415 crore to 16 States in the current financial year. This significant allocation falls under the ‘Special Assistance to States for Capital Investment 2023-24’ scheme, aiming to provide timely impetus to capital spending by States. The approved funds will support a range of projects in sectors such as health, education, irrigation, water supply, power, roads, bridges, and railways.
The ‘Special Assistance to States for Capital Investment 2023-24’ scheme was introduced in the Union Budget 2023-24. Its objective is to enhance capital expenditure by providing special assistance to State Governments. Under this scheme, States are granted a 50-year interest-free loan, with an overall budget of Rs. 1.3 lakh crore for the financial year 2023-24. The scheme comprises eight parts, with Part-I constituting the largest allocation of Rs. 1 lakh crore. The distribution of funds to States is based on their share of central taxes and duties as per the 15th Finance Commission’s award.
Capital Investment Approval: The Ministry of Finance has approved capital investment proposals amounting to Rs. 56,415 crore for 16 States. The funds will be utilized for various capital projects, including those in the fields of health, education, irrigation, water supply, power, roads, bridges, and railways.
Positive Response: The scheme has received commendation from Chief Ministers and Finance Ministers of States due to its flexibility and simplified design. It has played a crucial role in supporting capital spending by States, especially during the COVID-19 pandemic.
The capital investment proposals approved under the ‘Special Assistance to States for Capital Investment 2023-24’ scheme have been allocated to the following States:
These allocations reflect the diverse range of sectors and projects that will receive funding, including health, education, irrigation, water supply, power, roads, bridges, and railways.
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