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Fiscal prudence remains priority even as govt pushes capex: Expenditure Secretary
India's government maintains fiscal discipline while boosting capital expenditure. This focus on infrastructure investment aims to stimulate economic growth. Financing models are evolving, with public-private partnerships becoming key for projects like highways and soon railways. Station redevelopment presents a significant opportunity. These initiatives are designed for long-term economic benefits.
Expenditure Secretary V Vualnam said in an interview to TOI that fiscal discipline remained a key priority for the government, even as it continued to support critical sectors within the limits of the Budget.
What is the broader strategy behind the government's spending plan, especially on capital expenditure?The emphasis on capital expenditure is deliberate and well thought through. Even amid global and domestic uncertainties, investment in infrastructure is widely recognised for its multiplier effect across the economy. That understanding underpins the government's continued commitment to capex and the decision to keep increasing it.
How does committed expenditure such as salaries, pensions and interest payments affect flexibility?These are real constraints and they do create tightness. However, fiscal prudence has been a clear priority for the Finance Minister and the government as a whole. Despite these limitations, we have been able to channel resources toward priority areas and key interventions, including initiatives like the rare earth corridor.
Has capital expenditure peaked, given that targets were nearly but not fully met in recent years?
I wouldn't frame it in terms of peaking. Infrastructure creation is an ongoing requirement, and the Budget continues to provide for capex. Financing models are evolving, with new structures coming in. In highways, for instance, public-private partnership (PPP) models have matured. While the government provides around ₹2 lakh crore, additional resources are mobilised through stretched annuities and private participation, enabling larger project execution.
Is there enough absorptive capacity in sectors like railways and metro networks?
Yes, particularly in the railways. The country has a strong need for rail infrastructure. Projects such as the Dedicated Freight Corridor are showing promising results, including a near doubling of average freight train speeds, which is truly transformative.
How is the approach to project financing changing?
We are moving away from the traditional model where everything was executed through EPC contracts. In the highway sector, PPPs have improved not just financing but also construction quality, as private partners have a long-term stake in asset maintenance over 15 years or more. That alignment of incentives has delivered clear benefits.
Will PPPs be expanded in the railways as well?
Yes, that process should begin soon. The railways have strong engineering capabilities and operational experience at scale. The capacity exists; what is needed is the right framework. A Cabinet note on PPPs has already been prepared.
What kinds of railway projects could be taken up under PPPs?
Almost anything is possible. Station redevelopment is an immediate opportunity with significant potential. Railways handle substantial passenger and freight volumes. Bhopal station is an early example, and the learnings from it will guide future projects. New Delhi station has also been identified and is being taken up again.
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Source: EconomicTimes
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