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Finance Minister Nirmala Sitharaman, in her budget speech on February 1, revealed an ambitious capital expenditure (CAPEX) target of ₹11.11 lakh crore for the fiscal year 2024-25, representing 3.4% of the GDP. This marks an 11.1% increase from the current year's budget estimate and a significant 16.9% higher than the revised estimate.
The government's commitment to boosting infrastructure is reflected in the increased Capex outlay, leading to a positive surge in infrastructure stocks. Despite the challenges posed by the COVID-19 pandemic, Sitharaman emphasised the continuity of the Prime Minister Awas Yojana (Grameen), nearing the target of three crore houses. The plan includes an additional two crore houses to be taken up in the next five years to address the growing demand.
However, it's noteworthy that the Centre fell short of its Capex target for the fiscal year 2023-24. Initially aiming for a spend of ₹10.01 lakh crore, the government missed the target by ₹50,715 crores, primarily attributed to lower-than-anticipated utilisation by states of the CAPEX loan scheme designed for them.
The Special Assistance as Loan to States for Capital Expenditure scheme, budgeted at ₹1.3 lakh crore for 2023-24, saw a revised estimate of ₹10.56 lakh crore. Despite the shortfall in the previous fiscal year, the government retained the allocation for the scheme at ₹1.3 lakh crore for 2024-25. This scheme provides interest-free loans to states for 50 years, specifically for capital expenditure purposes, aiming to support long-term infrastructure development.
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