BAKU, Azerbaijan, Feb. 5
Trend:
India’s economic growth is estimated at 9.2 percent to be the highest among all large economies, Trend reports via Union Budget 2022-23 presented by Finance Minister Smt. Nirmala Sitharaman on February 1, 2022.
According to the report, infrastructure sector came as the topmost priority for the Narendra Modi government as the finance minister said that the Budget for 2022-2023 will lay the foundation for economic growth through public investment as Asia's third-largest economy emerges from the COVID-19 pandemic-induced slump.
In line with the budget, the outlay for capital expenditure stepped up sharply by 35.4 percent to INR 7.50 lakh crore (about $106 billion) in 2022-23 from INR 5.54 lakh crore (about $80 billion) in the current year.
Effective Capital Expenditure of Central Government estimated at INR 10.68 lakh crore ($147 billion) in 2022-23, which is about 4.1 percent of the GDP.
According to the Union Budget, 6 million new jobs to be created under the productivity linked incentive scheme in 14 sectors.
The outlay in 2022-23 is estimated at 2.9 percent of the GDP, the report said.
Meanwhile, PLI Schemes have the potential to create an additional production of INR 30 lakh crore (about $401billion).