Union Finance Minister Nirmala Sitharaman will address the post-budget conference of the Reserve Bank of India’s (RBI) central council on 14 February and highlight key facts of the Union Budget, comprising the fiscal consolidation roadmap and big capital expenditure project.
The post-budget meeting has been slated for Monday where FM Sitharaman would be heading the board members and talk about declarations made in the Budget 2022-23 to perk up development hit by three waves of coronavirus, according to a PTI report.
It has been a tradition that the finance minister addresses the RBI board, including of RBI Governor and the existing four deputy governors, after the budget is presented. This year’s budget submitted earlier this month measures a nominal gross domestic product (GDP) growth of 11.1%.
The Centre anticipates this development to be fuelled by a huge capital spending programme set in the Budget with a view to crowd-in private venture by reinvigorating economic activities and generating demand.
FM Sitharaman has put up CAPEX by 35.4% for FY23 to ₹7.5 lakh crore to continue the public investment-led comeback of the pandemic-battered economy. The CAPEX this year is pegged at ₹5.5 lakh crore. The spending on creating multimodal logistics parks, metro systems, highways, and trains is wanted to develop demand for the private sector as all the proposals are to be carried out through contractors.
