On Wednesday (February 1), Union Finance Minister Nirmala Sitharaman presented the ‘2023-2024 Budget’ during which she outlined key plans to promote infrastructure development within the country.
She outlined that India’s digital infrastructure is unmatched in the world. The Union Finance Minister announced a steep increment in capital investment outlay, for the third year in a row, to ₹10,00,000 crore
“The increased capital outlay for infrastructure to crowd in private investment,” she emphasised. To facilitate ease of doing business, Nirmala Sitharaman informed that 39,000 compliances were reduced, besides the de-criminalisation of more than 3,400 legal provisions.
Capital outlay increased to Rs 10,00,000 crore, steep increase by 33%, 3 times outlay in 2020, says FM Sitharaman #Budget2023
— OpIndia.com (@OpIndia_com) February 1, 2023
She further added that more than 100 critical transport infrastructure projects have been identified for implementation. Moreover, 50 additional airports, helipads, advanced landing grounds, and water aero drones will be revived to improve regional air connectivity.
The Union Finance Minister added that cities and States will be encouraged to adopt urban planning. Besides, the ’50-year interest-free loans’ to the States will be continued to facilitate infrastructure development.
Moreover, the capital investment outlay for Railways will be increased to ₹2.40 lakh crore in the upcoming financial year, which is about 9 times higher than the outlay announced in the 2013-2014 Budget.
FM announces Agriculture Accelerator Fund
In her budget speech, Sitharman announced that an Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs.
The government proposes to increase the agricultural credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries, Sitharaman told Parliament. The agriculture sector of the country has been growing at an average annual growth rate of 4.6 per cent in the last six years.
“Will launch a sub-scheme of the existing PM Matsya Sampada Yojana scheme to improve value chain efficiencies,” she said.
