₹15.48 lakh crore borrowing fuels capex: Finance secretary counters infra spending criticism
India’s Strategic Borrowing: Fueling Capital Expenditure
In a recent statement, India’s Finance Secretary addressed criticisms regarding the government’s ambitious borrowing plan of ₹15.48 lakh crore, aimed at enhancing capital expenditure. The Secretary emphasized that this borrowing strategy is designed to be productive, not inflationary. With a focus on infrastructure spending, the government aims to drive economic growth while ensuring fiscal responsibility.
The Purpose Behind the Borrowing
The Finance Secretary clarified that the borrowed funds are not merely a means to cover fiscal deficits but are strategically allocated to investments that will yield long-term benefits. “We are borrowing to invest,” he stated, highlighting that the budget is structured to be “absolutely non-inflationary.” This approach is intended to spur economic activity and create a robust infrastructure framework that can support sustainable growth.
Countering Criticism
Critics have raised concerns about the potential risks associated with such high levels of borrowing. However, the Finance Secretary reassured stakeholders that the government is committed to maintaining a balanced budget while still investing in critical infrastructure. This dual focus ensures that while the economy expands, inflation remains in check, which is vital for the overall health of the economy.
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In conclusion, India’s ₹15.48 lakh crore borrowing is not just a number; it signifies a commitment to building a brighter, more prosperous future. With a non-inflationary budget and a focus on productive investments, the nation is poised for extensive growth.
