Capex slowdown helps govt cut deficit by 6.6 per cent in Apr-Oct
3 weeks, 2 days ago

Capex slowdown helps govt cut deficit by 6.6 per cent in Apr-Oct

New Indian Express  

NEW DELHI: The slowing down of capital expenditure has helped the central government keep its books in order with fiscal deficit contracting by 6.6% in the first seven months of the current financial year, according to the data released by the government. The fiscal deficit during the period was Rs 7.5 lakh crore, which is 46.5% of the budget target of Rs 16.13 lakh crore. The central government’s spending on infrastructure and other assets has dropped by 14.7% to Rs 4.7 lakh crore during the first seven months of the year. In the current financial year, the Centre has a target of spending Rs 11.11 lakh crore on capex.

Crore Lakh Total Expenditure  target  cent  govt  crore  period  spending  total  expenditure  fiscal  helps  66  cut  lakh  aproct  capex  rs  slowdown  deficit

History of this topic

Highway capex moves in slow lane in FY25
6 days, 23 hours ago

Highway capex moves in slow lane in FY25

Live Mint  

Spending to build and expand India's sprawling highway network has slowed sharply, with the Centre achieving only 55% of the capex target in FY25. In the April- November period, the National Highways Authority of India and the National Highways and Infrastructure Development Corp. Ltd which come under the road ministry, built less than 5,000 km of national highways, lower than …

Industry needs to up R&D spend, expect govt capex growth to sustain: Ficci
1 week, 2 days ago

Industry needs to up R&D spend, expect govt capex growth to sustain: Ficci

Live Mint  

New Delhi: Businesses need to step up their research and development spending, and the industry expects the government to sustain the growth in budget allocation for capital expenditure as these two would help the Indian industry to become more competitive in global markets, Harsha Vardhan Agarwal, president of Federation of Indian Chambers of Commerce and Industry, and vice-chairman and managing …

Centre seeks Parliament nod for net extra spending over ₹44,100 crore
1 week, 4 days ago

Centre seeks Parliament nod for net extra spending over ₹44,100 crore

Live Mint  

New Delhi: The finance ministry on Thursday sought Parliament's approval for net extra spending of ₹44,143 crore in the current financial year for administrative and subsidy requirements, showed the first supplementary demands for grants tabled in the House. The net additional spending of ₹44,143 crore is unlikely to have a big impact on the government’s fiscal deficit target of ₹16.1 …

‘Centre, state CPSE capex could decline in FY25’
1 week, 6 days ago

‘Centre, state CPSE capex could decline in FY25’

Live Mint  

New Delhi: Capital expenditure by central infrastructure ministries, central public sector enterprises and state governments is expected to slow in FY25 after rising to a five-year high of 5.87% of GDP in FY24 due to reduced spending in the first two quarters, two people familiar with the matter said. "The Centre will continue its capital expenditure push in the upcoming …

Centre likely to miss ₹1.5 trillion capex loan target for states in FY25
2 weeks, 5 days ago

Centre likely to miss ₹1.5 trillion capex loan target for states in FY25

Live Mint  

The Centre is likely to fall short of fully utilizing the budgeted allocation for states under the ‘Special Assistance for Capital Investment’ scheme in 2024-25, as state spending took a hit during the general elections and a slowdown in economic growth, particularly in the first two quarters, two people aware of the matter told Mint. "While the capital expenditure at …

India’s fiscal deficit on track, but spending challenges persist, govt. has only five months left in FY25 to spend: UBI report
3 weeks ago

India’s fiscal deficit on track, but spending challenges persist, govt. has only five months left in FY25 to spend: UBI report

Live Mint  

New Delhi, December 2 : The central government fiscal deficit stands at 46.5 per cent of its budget estimates in the first seven months of the current financial year 2025, highlights a report by Union Bank of India. The report also noted that the capital expenditure of the government in the first seven months of the current fiscal stands at …

Centre Could Miss Capex Target by Rs 70k Crore in FY25
3 weeks, 5 days ago

Centre Could Miss Capex Target by Rs 70k Crore in FY25

Deccan Chronicle  

Chennai: The Centre could miss the gross capex target for FY25 by Rs 70,000 crore mainly due to lower spending in defence, roads and highways, and railways in the first half. As per the revised budget estimate for FY25, the central government has set a gross capex target of Rs 11.1 lakh crore. This is 15.4 per cent down from …

Centre eyes 95% of undershot capex target for FY25: Ajay Seth
1 month ago

Centre eyes 95% of undershot capex target for FY25: Ajay Seth

Live Mint  

New Delhi: The government’s capital expenditure for FY2025 is projected to align closely with last year’s spending, at around 95% of the allocated target, though the target itself may be undershot, Ajay Seth, secretary of the department of economic affairs said on Wednesday. Last year, we spent 95% of the allotted capex, and this year it is likely to be …

Government may ease quarterly capex limits to achieve record ₹11.11 trillion spending goal for FY25: Report
1 month, 1 week ago

Government may ease quarterly capex limits to achieve record ₹11.11 trillion spending goal for FY25: Report

Live Mint  

India is considering the relaxation of quarterly spending limits to ensure it does not fall short of its capital expenditure target for the financial year 2024/2025, according to a government source. Capital expenditure, or spending on building physical infrastructure, was at 4.15 trillion rupees during April-September, or 37% of the annual target, against 4.9 trillion rupees a year earlier. The …

Govt plans survey of lagging private capex
2 months, 4 weeks ago

Govt plans survey of lagging private capex

Hindustan Times  

The statistics ministry is planning to conduct a survey of private-sector capital investment going into the economy, which has been lagging government capex but is critical for growth and jobs in Asia’s third-largest economy, a senior official has said. Private sector investment has grown at a slower pace, outstripped by government fixed capital formation, a measure of public spending on …

FM Nirmala Sitharaman on Budget 2024: Union Budget strikes a fine balance between growth, employment, capital investment, and fiscal consolidation
4 months, 3 weeks ago

FM Nirmala Sitharaman on Budget 2024: Union Budget strikes a fine balance between growth, employment, capital investment, and fiscal consolidation

The Hindu  

Replying to the debate on the Union Budget in Rajya Sabha on Wednesday where more than 80 elders participated, Union Finance Minister Nirmala Sitharaman said the transfer of resources to the States is going unhindered and the inferences that she mentioned just two States in the budget was a propaganda created by the INDIA bloc to mislead the people. Countering …

Punjab government misses 2023-24 capex target by 53%
6 months, 4 weeks ago

Punjab government misses 2023-24 capex target by 53%

Hindustan Times  

The Punjab government missed its capital expenditure target by 53% during the financial year 2023-24. Against a capital expenditure of ₹ 10,354 crore proposed in budget estimates, the state government spent only ₹ 4,862 crore during the financial year, leaving a gap of ₹ 5,492 crore, according to the latest data on key economic indicators Against a capital expenditure of …

New private investments dropped over 15% in 2023-24; States led capex growth
8 months ago

New private investments dropped over 15% in 2023-24; States led capex growth

The Hindu  

Fresh investment plans by the private sector fell 15.3% in 2023-24, while foreign investors slashed new outlays by almost a third, dragging down the value of new investment announcements in the country almost 5% from the all-time high of almost ₹37 lakh crore recorded in 2022-23. Manufacturing’s share in new investments, declined from almost 54% in 2022-23 to 33.8% of …

In A First, Road Ministry's Capex in 2023-24 Crosses Rs 3 Lakh Crore With Highest-Ever Private Investment
8 months, 1 week ago

In A First, Road Ministry's Capex in 2023-24 Crosses Rs 3 Lakh Crore With Highest-Ever Private Investment

News 18  

In what may be termed a first in the road ministry’s history, the actual capital expenditure, including that from private investment, in the financial year 2023-24 crossed Rs 3 lakh crore, data accessed by News18 shows. The numbers suggest that in the last financial year, the Ministry of Road Transport and Highways was allocated Rs 2.64 lakh crore, the highest-ever, …

Punjab government likely to miss capex target, only 32% achieved so far
9 months, 3 weeks ago

Punjab government likely to miss capex target, only 32% achieved so far

Hindustan Times  

Despite a healthy growth in tax revenues and increased borrowing, the Punjab government is likely to miss its capital expenditure target going by the spending in the first ten months of the financial year 2023-24. A finance department official said that capex numbers will look much better by the end of the fiscal though they may still fall short of …

Fiscal deficit at Jan-end touches 63.6 pc of full year target, says govt data
9 months, 3 weeks ago

Fiscal deficit at Jan-end touches 63.6 pc of full year target, says govt data

Hindustan Times  

The government's fiscal deficit at ₹11 lakh crore at January end touched 63.6 per cent of the revised annual target, according to the official data released on Thursday. The government's total receipts stood at ₹ 22.52 lakh crore as of January 2024 In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 …

On Track: MoRTH, Railways Use Up More Than 75% Capex Target Till Third Quarter of 2023-24 Fiscal
10 months, 1 week ago

On Track: MoRTH, Railways Use Up More Than 75% Capex Target Till Third Quarter of 2023-24 Fiscal

News 18  

Two of the biggest infrastructure ministries – road transport and highways as well as railways – have used more than 75 percent of the capital expenditure in the first nine months of the current fiscal. According to data from the ministry, the railways, which got Rs 2.62 lakh crore for the ongoing financial year, has spent Rs 1.95 lakh crore …

Lacklustre capex by PSUs is blunting government’s growth stimulus
10 months, 2 weeks ago

Lacklustre capex by PSUs is blunting government’s growth stimulus

Live Mint  

The Narendra Modi government’s strategy for supporting growth has been to increase capital expenditure through its budget in the hope that the infrastructure created would nudge the non-government sector to invest, creating new incomes. FY25 will be the fourth successive year in which more than half the growth in the total spending through the budget will be due to higher …

Interim Budget surprises fixed income market
10 months, 3 weeks ago

Interim Budget surprises fixed income market

New Indian Express  

It was expected to be a restricted vote on national accounts, but this interim budget, instead, surprised fixed income markets so much so that the yield of India’s benchmark 10-year government security fell by 9 bps. Firstly, in FY24, not only did India manage to achieve the highest economic growth on the back of heavy public capex, but it did …

A case of capex under the ‘macroscope’
10 months, 3 weeks ago

A case of capex under the ‘macroscope’

The Hindu  

India’s economic recovery in the early post COVID-19 pandemic phase was distinctly underscored by a strong performance in exports and domestic investments. The FY25 Interim Budget carries forward the ethos of public capex a notch higher, thereby bolstering the government’s commitment to high quality spending. The budgeted capex by the central government, an important metric for capacity creation in the …

Interim budget 2024-25: Capex raised to 3.4% of GDP despite fiscal consolidation
10 months, 3 weeks ago

Interim budget 2024-25: Capex raised to 3.4% of GDP despite fiscal consolidation

Hindustan Times  

The central government’s capital spending in 2024-25, according to the interim budget will be ₹11,11,111 crore, a number which is more like an auspicious figure than a hard-headed budgetary allocation. Read here: Interim budget 2024-25: Govt stays the course on fiscal consolidation path Fiscal numbers of the second Narendra Modi government speak for themselves. The share of capital spending in …

Budget 2024: Nominal GDP growth seen at 10.50 per cent, FY24 fiscal deficit revised down to 5.80 per cent
10 months, 3 weeks ago

Budget 2024: Nominal GDP growth seen at 10.50 per cent, FY24 fiscal deficit revised down to 5.80 per cent

India TV News  

In the interim Budget presented by Finance Minister Nirmala Sitharaman, the Union government has assumed a nominal GDP growth of 10.50 per cent for the fiscal year 2024-25. The revised estimate of the fiscal deficit for FY24 is 5.8 per cent of GDP, improving on the budget estimate despite a moderation in nominal growth estimates. Union Finance Minister Nirmala Sitharaman …

With one quarter to go, fiscal deficit at 55% of target
10 months, 3 weeks ago

With one quarter to go, fiscal deficit at 55% of target

The Hindu  

The Union Government’s fiscal deficit stood at ₹9.8 lakh crore, or 55% of its Budget target through the first nine months of the fiscal year, as per data from the Controller General of Accounts. to meet the capex target for the year, which appears optimistic relative to the ₹2.5 lakh crore recorded in the same quarter of 2022-23,” said Aditi …

Interim Budget 2024: Overall spending likely to see 10% hike, says report
11 months, 1 week ago

Interim Budget 2024: Overall spending likely to see 10% hike, says report

India Today  

The upcoming interim budget for the fiscal year 2024-25 may witness a cautious approach from the government, with an anticipated 10 per cent increase in overall spending compared to the current fiscal year, reported The Economic Times. Despite the economy's robust growth, with a forecasted 7.3 per cent increase in Gross Domestic Product for the fiscal year 2023-24, the government …

Interim budget 2024: India aims to lower budget deficit, raise capex by 20%
11 months, 1 week ago

Interim budget 2024: India aims to lower budget deficit, raise capex by 20%

India Today  

As India gears up for its 2024/25 budget, there are indications that the government is planning to reduce its budget deficit by at least 50 basis points from the current year's target of 5.9 per cent of Gross Domestic Product. Devendra Pant, an economist at India Ratings, was quoted in the report saying that reducing the government's money shortage and …

Centre to take foot off capex pedal after FY25 budget
11 months, 2 weeks ago

Centre to take foot off capex pedal after FY25 budget

Live Mint  

NEW DELHI : After an expected spurt in the next fiscal year, government capital expenditure may grow at a more sedate pace in the years ahead as the Centre sets its sights on fiscal consolidation, two people aware of the plans said. A second reason for the modest increase in capex after 2024-25 is the saturating fund absorption capacity of …

UP surpasses capex target, set to get 2nd tranche of central loan
1 year, 2 months ago

UP surpasses capex target, set to get 2nd tranche of central loan

Hindustan Times  

LUCKNOW Uttar Pradesh government has spent 51% of the capital expenditure target against the required 45% to get the second instalment of an interest-free loan for 50 years from the Centre under its special assistance scheme for the states. The government proposes to spend all the funds earmarked for capital expenditure by the end of 2023-2024, and this is bound …

Highways Ministry, Railways Achieve Around 40% Capital Expenditure Till July, Aim to Spend 90% by December
1 year, 4 months ago

Highways Ministry, Railways Achieve Around 40% Capital Expenditure Till July, Aim to Spend 90% by December

News 18  

With about eight assembly polls and the Lok Sabha elections scheduled in the next one year, the Union government is prioritising its spending. Of the Rs 5 lakh crore allocated to these ministries for the current financial year, the two have already spent Rs 2.06 lakh crore by July-end. According to a Railway Ministry official, by July-end, the national transporter …

PM Could Launch 42 Key Projects by Jan 26, Ministers to Focus on ‘9-Month Yatra’ to Show Results
1 year, 5 months ago

PM Could Launch 42 Key Projects by Jan 26, Ministers to Focus on ‘9-Month Yatra’ to Show Results

News 18  

Prime Minister Narendra Modi could inaugurate nearly 42 signature projects, each worth Rs 5,000 crore or more, by January 26 next year and has asked ministers to undertake a ‘9-month Yatra’ to push the projects and ensure “benefits are felt by the people”, top government sources have told News18. Sources say the prime minister said there are many achievements of …

TS govt\'s 10 budgets in last 9 years: Targets met only twice
1 year, 10 months ago

TS govt\'s 10 budgets in last 9 years: Targets met only twice

Deccan Chronicle  

Hyderabad: The BRS government has presented 10 budgets in the Telangana Legislative Assembly since the formation of the state in 2014 with the Budgetary allocations increasing year after year. The TRS government presented the 2014-15 budget with a total outlay of Rs 1,00,637 crore; the revised estimates were also the same; however, the actual spending was only Rs 62,306 crore, …

Capex bet and a welfare miss: Story of Budget in nine charts
1 year, 10 months ago

Capex bet and a welfare miss: Story of Budget in nine charts

Live Mint  

In the last full-year Budget before the 2024 general elections, finance minister Nirmala Sitharaman delivered her shortest speech, hitting all the right notes. HEARTY CAPEX In 2023-24, which is likely to see a global growth slowdown, the Centre has budgeted a record capital expenditure of ₹10 trillion, up nearly 37% from the revised estimate of the ongoing year. Meanwhile, following …

Tax-Capex double engine in Union Budget 2023-24
1 year, 10 months ago

Tax-Capex double engine in Union Budget 2023-24

Hindustan Times  

Finance minister Nirmala Sitharaman on Wednesday presented a Budget that continued her government’s emphasis on capital investment, with a record ₹10 lakh crore spend planned in 2023-24, sought to encourage taxpayers to spend more with tax cuts, and announced a ₹35,000 crore expenditure on energy transition even as she managed to reduce the fiscal deficit to 5.9% from 6.4% this …

A balance between capital outlays and fiscal prudence
1 year, 10 months ago

A balance between capital outlays and fiscal prudence

The Hindu  

The Budget comes at a time when the government faces a delicate balancing act between expenditure priorities and the need for fiscal prudence as it is the last full Budget before the general elections. There are five issues that need to be analysed in this Budget — three from a growth and fiscal stability perspective and two from a welfare …

Trains, Roads, 5G, Defence: Where Does Rs 10 Lakh Cr Capex Budget Go? Three-fourth in 4 Ministries, Depts
1 year, 10 months ago

Trains, Roads, 5G, Defence: Where Does Rs 10 Lakh Cr Capex Budget Go? Three-fourth in 4 Ministries, Depts

News 18  

More highways and expressways, Vande Bharat trains, rapid laying out of 5G infrastructure and shoring up India’s defences – this is the top priority of the Narendra Modi-led government in the next financial year with just four ministries or departments accounting for nearly 73 percent of the massive Rs 10 lakh crore capex budget in 2023-24. The budget documents show …

Math Of Budget 2023: Increase In Taxes To Fund Higher Capex And IT Breaks For Middle Class
1 year, 10 months ago

Math Of Budget 2023: Increase In Taxes To Fund Higher Capex And IT Breaks For Middle Class

ABP News  

Finance Minister Nirmala Seetharaman on Wednesday presented Modi government’s 9th full Budget and last before the general elections next year. In a longer-than-usual Budget speech, the minister focussed on higher capital outlay as a means to foster growth amidst global headwinds, while at the same time providing tax relief to lower middle class. Source: Budget Document The tax revenues are …

Great Budget for CapEx and Railways, Not Bad for Direct Taxes - News18
1 year, 10 months ago

Great Budget for CapEx and Railways, Not Bad for Direct Taxes - News18

News 18  

Finance Minister Nirmala Sitharaman began her speech by calling Budget 2023 the first one in Amrit Kaal. Unfortunately, there were few takers for the new scheme because one could pay fewer taxes by using the various exemptions in the old scheme. There will be less complicated tax calculations involved in using the exemptions and actually lower tax liabilities just by …

The forced capex gamble in Budget 2023
1 year, 10 months ago

The forced capex gamble in Budget 2023

New Indian Express  

The more important question is, where is the money for such large government expenditure coming from? The government cannot increase tax collections dramatically since its tax structure is already skewed, with a heavy burden on the common people to the benefit of corporates who have not reciprocated. The Economic Survey tells us that demand for NREGA work continues to be …

Union Budget 2023-24: Aiming For A Fine Balance
1 year, 10 months ago

Union Budget 2023-24: Aiming For A Fine Balance

News 18  

The Indian economy has been recovering well from the pandemic. With this context, restricting GFD/GDP to around 5.8 per cent should be targeted and ensure the government remains committed to the target of reaching 4.5 per cent by FY2026. We see five key reasons for a limited space for a “populist” Budget — Lower tax revenue growth, given lower GDP …

Market Borrowings of Centre, States Seen At Rs 24.4 Lakh Crore In FY2024: ICRA
1 year, 11 months ago

Market Borrowings of Centre, States Seen At Rs 24.4 Lakh Crore In FY2024: ICRA

News 18  

The government will peg its fiscal deficit in the FY2024 Budget Estimates at 5.8 per cent of the GDP, a healthy moderation from the 6.4 per cent of GDP projected for FY2023, according to a report by ratings agency ICRA. Aditi Nayar, chief economist and head of ICRA, said, “With a global growth slowdown looming large, the FY2024 Union Budget …

India's Fiscal Deficit At Rs 7.58 Lakh Crore In April-October 2022; 45.6% Of Full-Year Target
2 years ago

India's Fiscal Deficit At Rs 7.58 Lakh Crore In April-October 2022; 45.6% Of Full-Year Target

News 18  

India’s fiscal deficit during April-October 2022 stood at Rs 7.58 lakh crore, or 45.6 per cent of the full-fiscal target, according to the official data released on Wednesday. During April-September 2022, the central government’s fiscal deficit had touched 37.3 per cent of the full-year target or Rs 6.19 lakh crore. The fiscal deficit in FY2023 is unlikely to exceed the …

Centre could cut spending for first time in 3 years: Report
2 years, 1 month ago

Centre could cut spending for first time in 3 years: Report

Hindustan Times  

Spending by the Union Government this fiscal year could be less than budgeted for the first time in three years, two sources with direct knowledge of the matter told Reuters, amid a push to meet a fiscal deficit target of 6.4% of gross domestic product. Though tax cuts on fuel, aimed at reducing the impact of soaring global energy prices, …

Only a handful of large firms ready for big spending
2 years, 2 months ago

Only a handful of large firms ready for big spending

Live Mint  

MUMBAI : Finance minister Nirmala Sitharaman’s expectation that private sector capital spending will power India’s economic growth appears to be wishful thinking as most companies, barring a handful of large conglomerates and state-run corporations, remain wary of new investments amid rising interest rates. Bankers said that the private capex cycle is quite uneven as large spending is mainly restricted to …

Fiscal deficit touches 32.6% of annual target till August this fiscal: official data
2 years, 2 months ago

Fiscal deficit touches 32.6% of annual target till August this fiscal: official data

The Hindu  

The Central government's fiscal deficit touched 32.6% of the annual target in the current financial year till August as against 31.1% recorded a year earlier, according to official data released on Friday. In actual terms, the fiscal deficit — the difference between expenditure and revenue — was ₹5,41,601 crore during the April-August period of this financial year. As per the …

Fiscal Deficit Touches 32.6% of Annual Target Till August This Fiscal: Official Data
2 years, 2 months ago

Fiscal Deficit Touches 32.6% of Annual Target Till August This Fiscal: Official Data

News 18  

The central government’s fiscal deficit touched 32.6 per cent of the annual target in the current financial year till August as against 31.1 per cent recorded a year ago, according to official data released on Friday. As per the data released by the Controller General of Accounts, the government’s total receipts, including taxes, stood at Rs 8.48 lakh crore or …

Fiscal deficit touches 20.5% of annual target in April-July: official data
2 years, 3 months ago

Fiscal deficit touches 20.5% of annual target in April-July: official data

The Hindu  

The Central Government's fiscal deficit touched 20.5% of the annual target at the end of July 2022-23 against 21.3% a year ago, reflecting improvement in public finance, as per official data released on Wednesday. As per the data released by the Controller General of Accounts, the government's receipts, including taxes, stood at ₹7.85 lakh crore or 34.4% of the Budget …

States' capex soars 36% in FY23, fiscal deficit at Rs 8.4 lakh crore, finds ICRA report
2 years, 5 months ago

States' capex soars 36% in FY23, fiscal deficit at Rs 8.4 lakh crore, finds ICRA report

Firstpost  

According to the agency, 26 large states, excluding Assam, are on course to spend Rs 6.8 lakh crore or 35.8 per cent more this fiscal in capital expenditure over FY22 when it stood at Rs 5 lakh crore Mumbai: States have budgeted 36 per cent higher capital expenditure during this financial year, which may lead to a sharp rise in …

Increased tax revenue mop-up keeps India on track to becoming $5 trillion economy: Finance Ministry
2 years, 8 months ago

Increased tax revenue mop-up keeps India on track to becoming $5 trillion economy: Finance Ministry

The Hindu  

The focus on capex in the recently announced Budget for the current fiscal year will boost manufacturing and tax revenue collections, thereby keeping India on track to becoming a $5 trillion economy, the finance ministry said on Thursday. Tax revenues in last fiscal year grew by a record 34% to ₹27.07 lakh crore, which the ministry said is "a remarkable …

Creating jobs by increasing capex
2 years, 10 months ago

Creating jobs by increasing capex

The Hindu  

If we had to look for one single metric that held the key to us achieving our immense economic potential as a nation, creation of gainful jobs, particularly for our underemployed youth and women, would perhaps be a strong candidate. Data released by the Controller General of Accounts shows that for the first nine months of the current fiscal year …

Greater capital expenditure is the highlight of the Budget
2 years, 10 months ago

Greater capital expenditure is the highlight of the Budget

The Hindu  

This Budget has made some very effective announcements to accelerate growth as we come out of a prolonged pandemic which has weighed on growth significantly. Here are some takeaways: Capex and deficits For FY22, the revised estimate for capex stood at ₹6 trillion, but excluding the one-time Air India charge, it would have been closer to ₹5.5 trillion. In terms …

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