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Centre to boost capex to accelerate economic growth

January 31, 2022

Centre to boost capex to accelerate economic growth

The Union Budget for FY23 may propose increased government spending on infrastructure and other development sectors in a continuation of efforts to reverse the impact of the pandemic on economic activity.

According to a person in on to the development, capital expenditure estimates for FY23 may increase between 10-20% over the previous year, with the large chunk of money going into the development of social and physical infrastructure.

FM Nirmala Sitharaman increased capital expenditure by a record 26% to ₹5.54 lakh cr in FY22 when compared with revised estimates of ₹4.39 trillion in covid hit financial year 2021.

A 20% rise in capital expenditure over FY22 will take the figure to over ₹6.6 lakh cr, almost double the pre-pandemic budgeted capital expenditure of ₹3.4 lakh cr in FY20. The total capital expenditure from the budget stood at ₹3.16 lakh cr in the financial year 2021.

Government spending had shifted toward capital expenditure for the past few years as such expenditure helps push growth and jobs, and has a multiplier effect on the economy.

Along with the rise in capital expenditure, social sector spending is also expected to be a priority.

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BusinessDevelopmenteconomic growthManagementUnion Budget

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