A political, feel-good statement
Often, Budget speeches are political statements — more so, with impending general elections. The Budget statement attributed post-COVID growth revival to public infrastructure investment and proposes to continue the same in the coming year with a 11% rise in capital expenditure. In the last 3-4 years, the government has steadily raised public infrastructure investments, mainly on highways and communications, which seems to have contributed to turning around GDP growth rate in the post-pandemic years. Faced with the uncertain global energy supply situation after the war in Ukraine, it seems to have encouraged public sector oil, electricity and coal public sector undertakings to step up investment to improve energy security — setting aside the disinvestment and privatisation agenda for the moment. Despite ‘Make in India’ and ‘Atmanirbhar Bharat Abhiyaan’, India’s industrial output and investment growth rate has decelerated on a trend basis over the last 5-7 years.
India's public capex may not need to expand at same pace in coming years, says CEA
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