The government is likely to double down on its capital spending by proposing even higher allocations to build ports, roads and other infrastructure in the Union budget to be presented by finance minister Nirmala Sitharaman in Parliament today.
The budget may also extend the l trillion interest-free loans extended to states to push up capital expenditure and catalyse economic growth.
The Economic Survey 2022-23 presented in Parliament on Tuesday gave clear pointers toward the need to continue with a capex-led growth strategy, saying this will enable India to keep the 'growth-interest rate differential' positive when the rate of growth is higher than interest rates and lead to a sustainable debt-to-GDP (gross domestic product) ratio in the medium term.
"The Centre should continue incentivising states for reforms and higher capital spending" to ensure stronger general government finances. the survey said. "The capex-led growth strategy will ensure sustainable debt levels in the medium term."
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