Unveiling the focus on the nation’s infrastructure, Finance Minister Nirmala Sitharaman highlighted key initiatives and emphasised a notable increase of 11.1 per cent in the budget outlay.
Building on the massive tripling of the capital expenditure outlay in the past 4 years, the outlay for the next year is being increased by 11.1 per cent to 11,11,111 crore. Notably, this would be 3.4 per cent of India’s GDP.
The outlay for infrastructure has been increased to Rs 11.11 lakh crores in FY25, FM Nirmala Sitharaman mentioned while presenting the Interim Budget 2024.
Infrastructure to be built in record time including Lakshadweep’s island projects
The Finance Minister further asserted that all forms of infrastructure are being built in record time. All parts of the country are becoming active participants in eco-growth. DPI (digital public infrastructure), a new factor of production in the 21st century, is instrumental in the formalization of the economy. Strengthening of the finance sector has made things more efficient,” she said.
“To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep,” says FM Sitharaman
To facilitate the merging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on our islands, including Lakshadweep, the Finance Minister while adding that this move will help in generating employment also.
Key Infra projects
1) Allocation for infrastructure for 2024/25 raised to 11.1 trillion rupees ($133.76 billion), up 11.1% YoY
2) A corpus of 1 trillion rupees is to be set up with a 50-year interest-free loan for research in the farm sector
3) Viability gap funding to be provided for offshore wind power
4) 10 million houses to get free electricity via rooftop solar programme
5) To set up 5 integrated aqua parks