NEW DELHI: Of the 1.3 lakh crore earmarked for the 'special assistance to states for capital investment' scheme in the interim budget 2024-25, about 275,000 crore, or 58%, will be linked to outcomes and reforms carried out by the states, Union finance secretary T.V. Somanathan said.
The remaining 255,000 crore will also come with a "simple condition", Somanathan said: "For availing the 255,000 crore interest-free loan, it (the infrastructure project) should be incremental; don't use this to substitute your capital expendture, make it over and above your last year's overall capital expenditure."
Interest-free loans with a tenure of 50 years have played a vital role in stimulating capital spending by the states and catalysing the economy in the aftermath of the pandemic. States in India make 20-25% of the overall infrastructure spending, a key focus area for the government.
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