Economic Survey: Capital expenditure on Housing and Urban Affairs declined 32 pc in 2022-23

New Delhi [India], January 31 (ANI): Capital expenditure on Housing and Urban Affairs declined 32 per cent on a yearly basis in the first eight months of financial year 2022-23, the Economic Survey document showed on Tuesday.

During the mentioned period of 2022-23, the capex spending on housing and urban affairs was Rs 11,000 crore as against Rs 17,000 crore same period last year. The Budgeted capex estimate for entire 2022-23 financial was Rs 27,000 crore.

However, overall capital expenditure spending in India increased by 63.4 per cent in the first eight months of 2022-23, the Economic Survey document showed, terming the rise as growth driver of the Indian economy
Union Finance Minister Nirmala Sitharaman on Tuesday tabled the Economic Survey for 2022-23 in Parliament, a day ahead of the national Budget for next financial year.

Union finance minister Nirmala Sitharaman tabled the pre-Budget Economic Survey document for 2022-23 in the Parliament after President Droupadi Murmu’s address to the joint sitting of the two houses of Parliament.
In break up, the capital expenditure on Road Transport and Highways grew 102 per cent on a yearly basis in first eight months of 2022-23.
Besides road transport and highways, the capital expenditure spending on telecommunications grew 692 per cent in first eight months of 2022-23.
Further, capital expenditure under ‘Transfer to States’ grew 439 per cent in first eight months of 2022-23, the data available in the survey document showed. In Railways, the capex grew 77 per cent.

The Economic Survey has projected a baseline GDP growth of 6.5 per cent in real terms in next financial year 2023-24.

The survey document said the projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI.

“The actual outcome for real GDP growth will probably lie in the range of 6.0 per cent to 6.8 per cent, depending on the trajectory of economic and political developments globally,” the survey read.

The Economic Survey document, formulated under the supervision of the chief economic adviser V Anantha Nageswaran, will give insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year.

The Economy Survey may also give some idea about the tone and texture of the actual Budget for 2023-24, to be presented on Wednesday.

Last year’s central theme was ‘Agile Approach’, which put emphasis on India’s economic response to the Covid-19 Pandemic shock.

Budget 2023 is likely to be the last full Budget of Prime Minister Narendra Modi government in its second term with the next Lok Sabha election due in April-May of 2024. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form. (ANI)