The Centre front-loaded its budget capex in the early part of the current financial year growth in April-June was 59%. However, it subsequently curbed such spending, with April-November growth of just 31%, as imminent elections necessitated expenditure reprioritisation.
The private sector's new projects announced dropped 77% to ₹1.9 trillion in Q3FY24, and that of the government sector fell 81% to ₹0.3 trillion, data from the Centre for Monitoring Indian Economy (CMIE) revealed.
New projects announced had touched an all-time high of ₹14.2 trillion in the three months to March this year on the back of robust private sector projects of ₹12.6 trillion. Subsequently, in the three months to June, project announcements more than halved to ₹6.8 trillion and these fell further to ₹1.9 trillion in the quarter ended September.
This story is from the January 02, 2024 edition of Financial Express Mumbai.
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This story is from the January 02, 2024 edition of Financial Express Mumbai.
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