Finance Minister Nirmala Sitharaman in her Budget speech 2024 on February 1 said that the 50-year interest-free loans to state governments have been extended for another year, as part of the government's Gati Shakti master plan.
"The scheme of a fifty-year interest-free loan for capital expenditure to states will be continued this year with a total outlay of RS 1.3 lakh crore," Sitharaman said.
The Finance Minister as part of her Interim Budget speech on February 1 did not mention the total proposed outlay under the government's Gati Shakti master plan.
The Gati Shakti Master plan, a pet project of Prime Minister Narendra Modi, involves holistic policymaking for the seven infrastructure sub-sectors, with one digital portal that can be accessed by all stakeholders for real-time information.
The master plan has helped states attract investments in the past and keep India on course to be a $ 5 trillion economy by 2030.
Even though the budget speech itself didn’t mention a broad allocation towards PM Gati Shakti, the government allocated Rs 11.1 lakh crore as capital expenditure for the next fiscal year.
This is a rise of 11.1 percent when compared to 2023-24's budget estimate of Rs 10 lakh crore.
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