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PM Modi flags capex climb to ₹12 lakh crore in a decade, ties infra push to long-term growth
Prime Minister Narendra Modi described public capital expenditure as the cornerstone of India's economic strategy, noting a marked rise in government infrastructure spending to secure long-term productivity gains. This investment drive forms part of a sustained nation-building effort aimed at transforming India into a developed economy by 2047.
Prime Minister Narendra Modi on Friday put public capital expenditure at the centre of the government’s economic strategy, highlighting a sharp rise in allocations and linking it to long-term productivity gains, while addressing a post-Budget webinar on “Technology, reforms and finance for Viksit Bharat” via video conferencing.
The Prime Minister said public capex has increased significantly over the past decade, from around Rs 2 lakh crore to over Rs 12 lakh crore, underscoring the government’s continued focus on infrastructure-led growth.
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He said the push towards higher capital spending is rooted in a clear strategy to build durable assets that can drive growth for decades. Investments in highways, railways, ports, digital networks and power systems, he noted, are aimed at creating long-term productivity.
Over the past decade, the government has prioritised infrastructure expansion as a key growth engine, with Modi reiterating that such investments form the backbone of India’s development trajectory.
Framing the broader context, he said, "No budget should be viewed in isolation. Nation-building is a continuous process; every budget is a step towards a larger goal. The big goal before us is the year '2047'—building a developed India by 2047. Every reform, every allocation, every change should be seen as part of this long journey. Therefore, these webinars that take place every year after the budget are very important..."
Highlighting India’s economic resilience, Modi added, "...We are in an important phase of the country's development journey. At this time, India's economy is progressing fast. In the last decade, India has shown extraordinary resilience. Our resilience is a result of conviction-driven reforms."
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The Prime Minister stressed that higher capital expenditure must be complemented by stronger participation from industry and financial institutions. He urged India Inc to step up investments and innovation, while calling on financial institutions to provide practical solutions and boost market confidence.
“When Government, Industry and Knowledge Partners move forward together, then Reforms turn into Results. That is when Announcements become Achievements on the ground,” he said.
Modi also pointed to ongoing financial sector reforms, including efforts to ease bond market participation and simplify the foreign investment framework to make it more predictable and investor-friendly.
“We are simplifying the foreign investment framework, and working to make the system more predictable and investment-friendly,” he said.
He further called for improving project sanctioning processes and appraisal quality, while emphasising the need for greater collaboration in emerging sectors to sustain growth momentum.
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Source: EconomicTimes
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