In its Union Budget for FY23, the government has made a decisive move towards significantly bolstering the public capital expenditure. The government’s capex over the past few years had seen limited growth, given the fiscal constraints. The Budget has not only provided for a disproportionate increase in capex for FY22, there is also a sizable increase planned for FY23 on a higher base. Effectively, the Budget estimates for capital expenditure in FY23 to be 62 per cent higher than FY21, and it’s an over 200 per cent increase compared to the FY19 spend. In comparison, nominal GDP as used for
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