The Finance Minister, Nirmala Sitharaman, has announced the Union Budget 2023 with a focus on infrastructure and investment as the third priority. The budget aims to boost growth and employment after the pandemic by ramping up the cycle of investment and job creation.
The capital investment outlay has been increased by 33% to 10 lakh crores, which is 3.3% of GDP, marking a substantial increase in recent years.
“Government is committed to enhancing growth prevention and job creation, attracting private investment, and providing a cushion against global headwinds. The center’s direct capital investment is being complemented by the provision made for the creation of capital assets through grants and aids,” She said.
The effective capital expenditure of the center is budgeted at 13.7 lakh crore rupees, which is 4.5% of GDP, with support from the states. The increase in infrastructure and investment is crucial for the country’s economic recovery and growth.