Budget 2024: All roads lead to infrastructure push to reach Viksit Bharat
All eyes are on Finance Minister Nirmala Sitharaman’s Union Budget 2024, slated to be unveiled during the third-fourth week of July, as the PM Modi-led NDA government has started its historic third term following a decisive victory in the recently concluded Lok Sabha elections. Budget 2024, marked as the first full-fledged event of Modi 3.0, is eagerly anticipated to set the tone for India’s progression towards the third largest economy of USD 5 trillion in the world and add traction to the nation’s journey of becoming Viksit Bharat by 2047.
In the backdrop of the strong economy with robust fiscal discipline and RBI’s highest dividend of Rs 2.11 lakh crore for fiscal year 2024, the upcoming budget will unveil its pragmatic and prudent stand on key sectors like infrastructure, railways, airports, export-import, tax reforms, technological advancement et al. The focus on capex to execute infrastructure projects faster will, undeniably, add wings to the economy. The investment in infrastructure is deemed vital as its cascading impact encompasses various sectors, generating demands for construction, cement, steel, equipment manufacturing, and other materials as well as job creations.
As capital expenditure (CapEx) is projected to grow at a CAGR of 11% over the next five years, the government is expected to channelize resources to ensure progression of infrastructure construction efficiently. The transportation sector including railways, airports, highways and road construction with sustainability will be at centerstage with public spending of Rs 11.11 lakh crore as outlined in the interim budget by the Finance Minister. The interim budget laid strong foundation for major initiatives to bolster multimodal connectivity under the PM Gati Shakti National Master Plan. Under this ambitious plan, the Central government should offer interest subsidies to states for undertaking infrastructure projects effectively. It will enhance the quick delivery of projects across the nation.
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Budget 2024: All roads lead to infrastructure push to reach Viksit Bharat (msn.com)