The government proposed a capital outlay of about Rs 2.40 lakh crore for railways, said Union finance minister Nirmala Sitharaman on Monday while presenting the Union Budget 2023-24 in Lok Sabha. This is the highest ever allocation to the railways.
This budgeted outlay for the railways, Sitharaman told Parliament, is the highest ever and nine times of what it was in 2013. Overall, the government proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP, said Union finance minister Nirmala Sitharaman.
“(This overall outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With the substantial increase, it is central to government’s efforts to enhance growth potential and job creation, the crowd in private investments and provides a cushion against global headwinds,” Sitharaman said in her Budget speech.
Further, the government proposes to increase the agricultural credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries, Sitharaman told Parliament. The agriculture sector of the country has been growing at an average annual growth rate of 4.6 per cent in the last six years.