The Union Budget’s focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on ‘State of the Economy’. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. “We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world.
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