Pre-budget Capital Expenditure Plans To Be Analysed In Oct-Nov

New Delhi, Aug 29 (KNN) During the pre-budget meetings the government may review its capital expenditure plans for this fiscal in October-November, two senior officials said.

Prime Minister Narendra Modi-led administration will announce a slew of popular schemes in the coming months ahead of general elections earlier next year, reported Mint.

For now, the government plans to stick to the provisions made in the 2023-24 annual budget, and doesn’t have any plan to exceed the provisioned capex, one of the officials said on condition of anonymity.

“It’s too early to think about capex recalibration," the person said. “We will not do any such thing till the revised estimate discussions happen in October-November 2023," the person added.

However, a fresh assessment of higher gross domestic product (GDP) growth before the end of the calendar year could provide the government with more legroom for expanding expenditure.

While the Reserve Bank of India (RBI) expects the Indian economy to grow at 6.5% this fiscal, economists at State Bank of India (SBI) estimated the economy to have grown 8.3% in the June quarter, and exceed RBI’s GDP forecast for this fiscal.

A Union finance ministry spokesperson didn’t respond to queries raised by Mint.   (KNN Bureau)