India ups capex by 33%, to focus on growth in last full budget before elections
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NEW DELHI -India will focus on economic growth and job creation, the Finance Minister said on Wednesday, presenting the government's last full budget in parliament before elections due next year, that Prime Minister Narendra Modi is projected to win.
The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society, Finance Minister Nirmala Sitharaman said.
Here are the highlights of the budget:
* Outlay for capital spending increased 33% to 10 trillion rupees in 2023/24
* To set up agriculture accelerator fund
* Increases budget allocations to 790 bln rupees for affordable housing in 2023/24
* Finance Minister says increase in public capex key to crowding in private investments
* Says Indian economy has become the fifth-largest economy in the world in last nine years
* Says budget adopts seven priorities including inclusive, green growth
* Agricultural credit target raised to 20 trillion rupees ($244.42 billion) for 2023/24
* Sitharaman says the economy is growing the fastest among major economies
