Finance Minister Nirmala Sitharaman on Tuesday (July 23) informed that infrastructure development is focus seven in the Union Budget 2024. During her budget speech, FM Sitharaman announced that the government will allocate Rs 11.11 lakh crore towards capital expenditure for the fiscal year 2024-25.
The minister added that the significant investment that the central government has made over the years in building and improving infrastructure has had a strong multiplier effect on the economy. Presenting the Union Budget for FY25, she emphasised the government’s commitment to sustaining robust fiscal support for infrastructure projects over the next five years.
Top points for infrastructure in Nirmala Sitharaman’s Budget speech
The Finance Minister assured that the government will strive to uphold substantial fiscal backing for infrastructure. This year’s allocation for capital expenditure totals Rs 11.11 lakh crore, representing 3.4% of India’s GDP.
The government will initiate Phase IV of the PM Gram Sadak Yojana in 25 rural settlements that have become eligible due to population growth, announced the Finance Minister.
She also informed that the government is also looking to promote private investment in infrastructure by formulating proper policies and regulations, announced FM.
The Finance Minister proposes to facilitate the development of corridors at Vishnupad Temple and Mahabodhi Temple similar to the Kashi Vishwanath Temple.
The government will extend support through the Accelerated Irrigation Programme and other funding sources for projects totaling an estimated cost of Rs 11,500 crore, announced the Finance Minister.
The Finance Minister recognized Bihar’s recurring flood challenges and mentioned that plans for flood control structures in Nepal have not moved forward. The government is earmarking financial aid amounting to Rs 11,500 crore for Bihar. Assam, grappling with annual floods, will receive support for flood management projects. Himachal Pradesh, which suffered substantial flood-related losses, will also receive assistance for reconstruction through international sources. Furthermore, Uttarakhand, affected by severe landslides and cloudbursts, will be supported with necessary aid.
The Finance Minister proposed supporting the development of corridors at Vishnupad Temple and Mahabodhi Temple, following the model of the Kashi Vishwanath Temple.
Additionally, the government will back the development of Nalanda in Bihar as a tourist center. Finance Minister Sitharaman also announced that an economic policy framework will be introduced to usher in next-generation reforms aimed at boosting economic growth.
Furthermore, the government will provide assistance to Odisha for the development of tourism, as stated by the FM in Lok Sabha.