The Indian government will spend 10 trillion rupees ($122.3 billion) on longer term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the COVID crisis.
The allocation is higher than the 7.5 trillion rupees budgeted for in the previous year and the highest on record.The ratio of capex-to-GDP, which rose to 2.7% in 2022/23, is estimated at 3.3% in the new financial year, Finance Minister Nirmala Sitharaman said.
The government will also continue a 1.3 trillion rupees long-term loan to states for longer term investments, the minister said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: India economic survey likely to peg 2023-24 growth at slowest in three years - sourceIndia's annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% for 2023-24, according to a source.
Read more »
Chevy Corvette Z06 GT3.R, 2023 24 Hours of Daytona results: Car News HeadlinesChevy's newest race car, LMDh's first race, and a Genesis EV flagship all made headlines today.
Read more »
Acura kicks off new GTP era with 2023 Daytona 24 Hours winIt was a one-two finish for Acura's new ARX-06 LMDh at the 2023 24 Hours of Daytona.
Read more »
India sees GDP growth slowing on global weaknessIndia forecast economic growth of 6% to 6.8% in the 2023/24 fiscal year, slowing from the 7% growth projected for the current year ending on March 31, as a global slowdown is likely to hurt exports.
Read more »
Breakingviews - Adani’s financing safety-net rests on Indian banksGautam Adani’s financing options are narrowing fast. Investors wiped $48 billion off the Indian tycoon’s listed companies in just two days last week; his flagship Adani Enterprises lost 19% of its value on Friday alone. While the nationally important ports-to-power-to-roads group should be able to manage its interest bill, the selloff blows apart Adani’s plans to tap global capital markets. That leaves it dependent on a safety net provided by Indian banks.
Read more »