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One person’s power: “Lucky” Capital expenditure of Rs 11,11,111 crore allocated

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<p>In the course of Narendra Modi’s ten-year tenure as Prime Minister, spanning 12 Budget presentations, a noteworthy figure stands out – Nirmala Sitharaman’s allocation of Rs 11,11,111 crore for the upcoming fiscal year, reflecting an 11.1% surge from the current year’s budget estimate. Presenting her sixth Budget, Sitharaman chose the auspicious number ‘one’ to designate funds dedicated to infrastructure development, encompassing roads, railways, and other assets.</p>
<p><img decoding=”async” class=”alignnone wp-image-383545″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-one-persons-power-lucky-capital-expenditure-of-rs-1111111-crore-allocated-10733753.png” alt=”theindiaprint.com one persons power lucky capital expenditure of rs 1111111 crore allocated 10733753″ width=”1079″ height=”607″ title=”One person's power: "Lucky" Capital expenditure of Rs 11,11,111 crore allocated 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-one-persons-power-lucky-capital-expenditure-of-rs-1111111-crore-allocated-10733753.png 400w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-one-persons-power-lucky-capital-expenditure-of-rs-1111111-crore-allocated-10733753-390×220.png 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-one-persons-power-lucky-capital-expenditure-of-rs-1111111-crore-allocated-10733753-150×84.png 150w” sizes=”(max-width: 1079px) 100vw, 1079px” /></p>
<p>While the proposed growth rate may seem modest compared to Sitharaman’s ambitious targets of 25% in FY23 and 35% in FY24, the minister emphasized that the increase is substantial when considered against a larger economic base. Under her stewardship, the Centre’s capital expenditure has surged 3.3 times from Rs 3.4 lakh crore in 2019-20.</p>
<p>Sitharaman argued that the uptick in capital expenditure aligns with indications that private sector investments are beginning to flow. She clarified, “One has to have a clear understanding that when the government wants to spend through capital investment, it can act as a catalyst for triggering the economy, encouraging private sector participation. At a time when the private sector hesitated, we wholeheartedly stepped in.”</p>
<p>A robust capital expenditure is seen as a pivotal factor driving India’s economic resurgence post-Covid, especially amidst subdued overseas demand. Initially constrained by high inflation and interest rates in Europe and the US, and later impacted by geopolitical tensions in Ukraine and West Asia, the high capital expenditure is anticipated to play a significant role.</p>
<p>In the upcoming year, over 47% of the capital expenditure is allocated to road transport and highways, along with railways – the two primary transport ministries. Road transport and highways receive over Rs 2.7 lakh crore, while railways are earmarked for a capital spending of over Rs 2.5 lakh crore.</p>
<p>Additionally, the government is allocating Rs 1.3 lakh crore to assist states with capital expenditure, a post-Covid initiative aimed at fostering productive investments by states.</p>
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