Finance minister Nirmala Sitharaman stated Metro rail and NaMo Bharat might be the catalyst for the required city transformation. (Image: PTI/File)
Finance minister Nirmala Sitharaman stated the capital expenditure outlay for 2024 is 3.4% of the GDP. The focus shall be on growth of city programs like Metro rail and NaMo Bharat as nicely as the aviation sector
Ensuring extra energy to infrastructure growth for financial development and employment creation, a big sum of Rs 11,11,111 crore has been put aside as the capital expenditure outlay within the interim price range 2024. Finance minister Nirmala Sitharaman on Thursday stated the outlay for 2024 is 3.4 % of the GDP.
“Building on the massive tripling of the capital expenditure outlay in the last four years, resulting in a huge multiplier impact on economic growth and employment creation, the outlay for the next year is being increased by 11.1 percent to Rs 11,11,111 crore. This would be 3.4% of the GDP (gross domestic product),” she stated.
It is essential to be aware that the interim price range is barely legitimate for the primary 4 months 2024-2025 fiscal. The Lok Sabha elections shall be held round April-May and the whole price range will solely be introduced after the brand new authorities is fashioned. The interim price range is just a vote on account for Parliament’s approval for a grant prematurely to meet the expenditure of the union authorities.
The finance minister stated the federal government is conscious that there’s a quick-increasing center class, and speedy urbanisation is happening. “Metro rail and NaMo Bharat can be the catalyst for the required urban transformation. Expansion of these systems will be supported in large cities focusing on transit-oriented development,” she stated.
About the aviation sector, she stated the variety of airports within the nation has doubled to 149 within the final 10 years. “The aviation sector has been galvanised in the last 10 years… Rollout of air connectivity to tier-II and tier-III cities under UDAN (Ude Desh ka Aam Nagrik) scheme has been widespread. At least 517 new routes are carrying 1.3 crore passengers,” she added.
Indian carriers have proactively positioned orders for over 1,000 new aircrafts. Expansion of present airports and growth of recent ones will proceed expeditiously, Sitharaman stated.
Among the ministries, defence has received Rs 6.2 lakh crore, adopted by highway transport and highways at Rs 2.78 lakh crore. The railways is on the third place with Rs 2.55 lakh crore allocation.
Last yr, when the finance minister introduced the union price range 2023-24, the capital expenditure (capex) goal was elevated by 33 % to Rs 10 lakh crore, which was 3.3 % of the GDP. Before that, in 2022, she raised capital expenditure by 35.4 % for the 2022-23 fiscal to Rs 7.5 lakh crore.
