We are in the midst of capex 'mahotsav'

Strengthening macroeconomic stability has been a cornerstone of the Modi government’s economic policymaking. And, this has been a key factor in catapulting India’s economic fortunes. Budget 2023-24, too, passes the macroeconomic ‘pariksha’ with flying colours.

The finance minister has once again done a stellar job of supporting growth whilst maintaining fiscal pragmatism. That too, at a time when most advanced economies are wrestling with recessionary conditions.

The government’s move to boost capital spending by more than a third, to Rs 10 trillion will ensure the growth juggernaut remains unstoppable. At 3.3 per cent of the gross domestic product, the capex outlay is