Rs 10 Lakh Crore Will Be Spent On Capital Projects: Sushil Modi On Budget 2023-24

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Rs 10 Lakh Crore Will Be Spent On Capital Projects: Sushil Modi On Budget 2023-24

| Updated: February 4, 2023 17:00

Union Finance Minister Nirmala Sitharaman presented the budget for the fiscal year 2023-24 on February 1. At today’s press conference at the Bharatiya Janata Party (BJP)’s Gujarat Office Shri Kamalam, former Deputy Chief Minister of the state and Member of Parliament (MP) Sushil Kumar Modi responded to this budget.

According to Modi, this budget contains two significant announcements that will be very beneficial to the nation going forward. The budget includes a pledge to invest Rs 10 lakh crore in capital projects.

He said, “With this announcement, the infrastructure will be strengthened. For the first time after independence, 10 lakh crore rupees will be spent on infrastructure in a year, in which an interest-free loan of one lakh 30 thousand crore rupees will be given to the state government, in addition to this, three lakh 70 thousand crore rupees will be set aside for the states for construction works.”

In the budget, there have been a number of statements on the railways, including the allocation of Rs 2 lakh 40 thousand crore for the construction of new rail lines, new trains, and other projects. The budget includes Rs 19600 crore for the bullet train project between Mumbai and Ahmedabad.

By August 2026, the Mumbai-Ahmedabad bullet train is anticipated to run. Road construction would be funded with Rs 1 lakh 62 crore from the budget.

The nation will get 50 brand-new airports. At an anticipated cost of Rs 70,000 crores, 100 essential connectivity infrastructure will be built, leading to the creation of new jobs across the nation. The country’s economy will be strengthened through capital spending.

Sushil Kumar added that the budget included another significant income tax announcement, which will help about one crore taxpayers and exclude persons with yearly incomes up to seven lakhs from paying income tax.

The nation’s middle class population is projected to reach 70 crores by the year 2030. The budget has included a provision for this. “Under Prime Minister Narendra Modi, funds have been allocated in the budget for the class of people who fall below the poverty line. It is a remarkable accomplishment that the nation is moving toward middle class status.”

Sushil Kumar concluded that earlier senior citizens could deposit Rs 15 lakh in the savings scheme, but now it has been announced in the budget to increase it to Rs 30 lakh, which will get 8 percent interest as before. Like Kisan Vikas Patra, Mahila Vikas Patra has been announced, in which 7.50 percent interest has been announced for depositing Rs 2 lakh annually.

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