Infrastructure Budget
Updated on July 18, 2023
The infrastructure budget in India refers to the allocation of funds by the government specifically for the development, maintenance, and improvement of the country’s infrastructure. It focuses on areas such as transportation, energy, communication, housing, water supply, and sanitation. It includes the construction of roads, highways, bridges, railways, airports, ports, power plants, telecommunications networks, and other essential infrastructure projects.
The allocation of funds in the infrastructure budget takes into account the needs and priorities of different sectors and regions. It aims to address the gaps in existing infrastructure, upgrade outdated systems, and build new facilities to meet the evolving demands of a growing population and economy. The purpose of the infrastructure budget is to ensure that the necessary infrastructure is in place to support economic growth, improve the quality of life for citizens, and attract investments. It plays a crucial role in connecting people, facilitating trade and commerce, providing access to basic services, and fostering overall development.
Infrastructure Budget in Union Budget 2023
India’s capital expenditure as a percentage of GDP has risen from 1.7% in 2014 to approximately 2.9% in the financial year 2022-23. In the budget for the year 2023-24, Rs 10 lakh crore (equivalent to 3.3% of GDP) has been allocated specifically for infrastructure development, which is three times the amount allocated in 2019.
