NEW DELHI: Finance Minister Nirmala Sitharaman announced hiking the capital expenditure (CAPEX) by 33% to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3% of the Gross domestic product (GDP).

Presenting the Budget for 2023-24, Finance Minister said the newly set-up  infrastructure finance secretariat will help in attract more private investment.

''CAPEX outlay is being risen steeply for the 3rd consecutive year by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. ''This will be almost three times the outlay in 2019-20,'' she said.

She  also said,  the Harmonized Master List of Infrastructure will be reviewed by an expert panel for recommending the classification and financing framework suitable for Amrit Kaal.  ''They will be taken up on priority with an investment of Rs 75,000 crore, including Rs 15,000 crore from private sources,'' she said.

The FM said one hundred key transport infrastructure projects for the last and first-mile connectivity for ports, coal, steel, fertiliser and foodgrains sectors have been taken into consideration.

She said investments in infrastructure and productive capacity have a large multiplier impact on growth and employment. After the subdued period of the Covid pandemic, private investments are growing again. ''The Budget takes the lead once again to ramp up the virtuous cycle of investment and employment generation,'' she added.

All infrastructure projects for logistics and connectivity costing more than Rs 500 crore are funnelled through the Network Planning Group (NPG), established as part of the PM Gati Shakti plan. 

Commenting on the Union Budget 2023, Road Transport and Highways Minister Nitin Gadkari said that this Budget  envisions a vibrant and inclusive India in which all citizens, particularly our youth, women, farmers, OBCs, SCs, and STs, will benefit from development.

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