Capex 2024-25: Some 'Under-Shooting' Yet More Than Previous Year - DEA Secretary Ajay Seth

New Delhi: Ajay Seth, Secretary, Department of Economic Affairs (DEA), Ministry of Finance, on Wednesday said that even though there is an under-shooting in the capital expenditure target as against the projected figure in Union Budget 2024-25, there is a significant increase in the number against previous fiscal's capiex of Rs 9.5 lakh crore.

DEA Secretary on capex spending: ‘There may be some undershooting, but I do expect that there will be a significant increase’

“Last year Capex by the government of India was Rs 9.5 lakh crore, this year it is Rs 11.1 lakh crore. There may be some undershooting, but I do expect that there will be a significant increase over last year," Seth said. He was speaking at FICCI’s Annual Convention & 97th Annual General Meeting, which has been woven around the theme – ‘Our Actions for Viksit Bharat’.

Highlighting the need for partnership between public and private sectors in the land and power sectors, Seth said that there is a need to 'work towards more market-based reforms than sector-based reforms'.

Noting that 'food prices have been a concern due to continuing rainfall', Seth said that India's growth trajectory is in the '6.5-7 per cent' zone and that he does not see any downside in the same.  

Presenting his idea of Vikasit Bharat, Seth said that the government is asking the industry to 'partner with us, make India the big factory of the world'. "While there are plenty of MSMEs in India, that is just is one side of the economy, the other is big corporates...," he said.