Union Budget 2023: Capex to be hiked by 33% to Rs10 trillion

Times are challenging yet exciting for India. Just as China had predicted the potential of solar power 15 years before the world and established its monopoly, India yearns to act parallelly to become the next global power. There is a consensus between the government and top corporations about the promising prospects of Green Hydrogen. The private firms, in coalition with the government, strive to accomplish the National Green Hydrogen Mission, and make India carbon-free by 2070. But every long journey begins with a single step, and India has taken the initial steps in the right direction through various policies implemented during the Union Budget 2023-24.

 

One of these policies is the decision to hike capex by 33% to Rs10 trillion; or 3.3% of GDP. This was outlined by Nirmala Sitharaman during the tabling of the budget. Furthermore, under the PM Awas Yojana, the government has pledged Rs79,000 crores to materialize the vision of building affordable houses for the urban poor. 50 new airports have been proposed for increased connectivity and an additional Rs10,000 crores have been budgeted for urban infrastructure development.

 

But how do these investments tantamount to accomplishing the green hydrogen vision, and making India a superpower? Well, the cities of Singapore and Dubai had established themselves as FDI hubs, and the first thing they did with the cash inflow was to ameliorate infrastructure to attract even more investors and save the cost of MNCs in constructing offices and transport logistics. As the famous old saying in football goes, in order to realize this beautiful future for India, citizens of India must Trust The Process.

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