The 2023-24 Union Budget has allocated Rs 10 lakh crore (121.0 billion US dollar) as capital expenditure for 2023-24. Nearly one-fourth of the capital outlay will be spent on constructing new roads and highways and another quarter on railways for running new high-speed trains (like Vande Bharat) and laying new tracks and 10 percent to State Governments as loans for spending on infrastructure projects. Total budget allocations amount to nearly three percent of GDP for infrastructure building. <
The huge public expenditure may not kick start the economy, generate new jobs, and promote demand as promised by the Finance Minister but becomes another neoliberal economic bonanza to benefit the super-rich.
Dr Soma Marla