- The Union government has again chosen capital expenditure as a key focus area in the 2023-24 Union Budget to achieve the vision of sustainable growth in Amrit Kaal.
- The Centre’s capital expenditure outlay will be Rs 10 lakh crore for FY24, an increase of 33 per cent year-on-year.
- To aid investment in infrastructure, Centre to continue its 50-year interest-free loans to state governments for additional 12 months.
- An amount of Rs 2.40 lakh crore has been provided for the Indian Railways — the highest ever outlay, and nine times the outlay made in 2013-14.
- The Centre also said that 50 additional airports, water aerodromes and advanced landing grounds will be revived for regional air connectivity. This should offer an additional push to the regional connectivity scheme, which started with the UDAAN scheme.
- 100 critical transport infrastructure projects with capital expenditure of Rs 75,000 crores identified for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.
- The newly established Infrastructure Finance Secretariat will assist all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure and power, which are predominantly dependent on public resources.
- States and cities being encouraged to undertake urban planning reforms and actions to transform our cities into ‘sustainable cities of tomorrow’.
Urban Infrastructure Development Fund (UIDF) will be established through use of priority sector lending shortfall. This will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
– Arun Agarwal
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