Budget 2022-23 has growth revival as a priority, says Nirmala Sitharaman

The high capital expenditure proposed in the Union Budget 2022-23 will have a multiplier effect on the economy and will help in sustained recovery, Union Finance Minister Nirmala Sitharaman said on Monday. "The budget has growth revival as a priority along with messages for sustainability as a priority and on predictable tax regimen," Sitharaman said while addressing a post-budget interaction with industry.

She said the government's decision to increase spending on infrastructure will help create long-term assets and have a sustainable impact on the economic recovery. "A sustained recovery is what we would want," said the Finance Minister adding the Union Budget 2022-23 seeks to lay a foundation for India's growth for the next 25 years.

In the 2022-23 Union Budget presented on Parliament on February 1, 2022, Sitharaman proposed to increase the outlay for capital expenditure by 35.4 per cent from Rs 5.54 lakh crore in the current year to Rs 7.50 lakh crore in 2022-23. The Finance Minister said the extensive use of technology helped India manage the COVID pandemic more effectively than most other countries.