The Union Budget 2023-24 continues to give a strong push to infrastructure development by increasing the capital investment outlay by 33% to Rs 10 lakh crore, almost three times the outlay in 2019-20. This will create demand for construction equipment and create jobs, apart from removing the infrastructure bottlenecks. This budget lays foundation for India’s development path to become a $5 trillion economy. Continuing provision of 50-year interest free loan to state governments for one more year will spur investment in infrastructure.
We welcome the budget presented by Hon’ble Finance Minister Ms Nirmala Sitharaman which has provided multipronged approach to push the country towards an infrastructure-led growth. Supporting Urban Infrastructure and the move to prioritise 100 critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors is welcome. For this, the investment of Rs 75,000 crore, including Rs 15,000 crore from private sources, will further create demand for construction and create jobs, apart from removing the infrastructure bottlenecks.
Lastly, while focusing on the short - term the Government has also looked at the long term by laying out the vision on Green Hydrogen and setting a target of 30 mmt by 2030. We look forward to partner with the Government’s exciting journey to make India the growth engine of the world.