NEW DELHI: Finance Minister Nirmala Sitharaman said on Friday that public capital expenditure programs are integral to India’s long-term growth prospects. At the third G20 Finance Ministers and Central Bank Governors (FMCBG) Summit, hosted by Indonesia in Bali, Sitharaman stressed the importance of evidence-based policymaking for economic systems. solid.
The government has emphasized capital expenditure (CAPEX) to boost pandemic-hit economic growth. It is expected that increased public spending will attract private investment. Sitharaman increased CAPEX by 35.4% for the financial year 2022-23 to Rs 7.5 lakh crore to continue the public investment recovery of the pandemic-stricken economy.
Last year, capital expenditure was Rs 5.5 lakh crore. “Reflecting on India’s growth story, FM shared that India’s long-term growth prospects are embedded in public CAPEX programs, and evidence-based policymaking is vital. for resilient economic systems,” the finance ministry said in a tweet.
The Minister of Finance also stressed that a sustainable global recovery should be driven by climate actions and that the focus must be on increasing climate finance and propelling green transitions. Attending the ongoing 2nd session of the G20 FMCBG, the Minister of Finance shared his views on the G20 health agenda, including pandemic preparedness and response mechanisms. The GF also highlighted the need for immediate mobilization and deployment of resources for health emergencies.
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