Kudos to the Hon’ble Finance Minister for providing a clear roadmap to navigate the Indian economy towards growth trajectory despite global slowdown, challenges posed by the pandemic and Russia-Ukraine war. India’s G-20 presidency coupled with growth in world ranking is a testimony that the Indian economy is on the right track which has been globally recognized as a bright spot in world economy.
Budget 2023 lays down the blueprint for prosperous and inclusive India@100 which recognizes Infrastructure sector as a key contributor to achieve the vision of sustainable growth in Amrit Kaal. Enhanced capex outlay of INR10 lakh crores (representing 3.3% of GDP) including highest outlay for railways, further development of regional airports and transport infrastructure projects will boost last and first mile connectivity. Proposal to provide viability gap funding for battery storage, renewable energy evacuation, green credit programme are strong initiatives to support Green Growth. Further the PPP model continues to be an area of focus to promote coastal shipping as an energy efficient and economical mode of transport. The proposed Urban Infrastructure Development Fund will facilitate development of urban infrastructure thereby providing a better lifestyle to the population in Tier 2 and Tier 3 cities.
In summary, the budget proposals give continuity of growth and seek to propel domestic consumption, employment with focus on training and skilling the youth for digital India. Key announcements relating to the infrastructure sector are discussed in this alert.
