Union Budget 2023 Top Updates: ‘Highest-ever outlay’ for Capital Expenditure

Finance Minister Nirmala Sitharaman Budget Speech, India Budget 2023 Top Updates: Finance Minister Nirmala Sitharaman, presenting Union Budget 2023-24 in Parliament said, The Centre will hike the capital expenditure (capex) outlay for 2023-24 by 33 per cent to Rs 10 trillion(lakh crore), Finance Minister Nirmala Sithraman said. In her Budget 2023 speech, she also said that the outlay for the PM Awas Yojana will be hiked by 66 per cent to Rs 79,000 crore.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

More on Infrastructure in Union Budget 2023-24:

The Centre has also identified 100 critical transport infrastructure projects for implementation. This is the highest outlay for capex ever. In FY23, the capex outlay was Rs 7.5 trillion. The new outlay will amount to 3.3 per cent of the gross domestic product (GDP). The Centre also proposed 50 new airports for increased connectivity. Also, Rs 10,000 crore will be set aside for the development of urban infrastructure.

Significance of this huge outlay in Union Budget 2023-24:

FM Sitharaman said that the increased capital outlay for infrastructure will “crowd in” private investment in India. Experts had hoped for a 20-30 per cent hike in the capes.