THE INTERIM BUDGET has surprised many, including the markets. There are surprises both in terms of the direction of the policies but also with respect to fiscal numbers for both 2023-24 and 2024-25. At the same time, it has also ensured continuity as well as predictability and not fallen for pre-election rhetoric of going populist. In terms of continuity, the Budget renewed its policy of focussing more on government capital expenditure (capex). For 2024-25, the capex saw an increase of 11.1% over an already high allocation of ₹10 lakh crore. This ensures continuity in providing capital support to the state governments. With this, both the centre and states together would have a capex of over 6.4% of the GDP in 2024-25 and can also provide higher growth impetus while balancing the growth-inflation trade-off.
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