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Budget 2023: Capital expenditure outlay hiked by 33 percent to Rs 10 lakh crore

Finance Minister Nirmala Sitharaman who presented the Union Budget today announced a capital expenditure (CAPEX) outlay of Rs 10 lakh crore for the financial year 2023-24, a 33 percent increase from the allocation announced in the previous budget.

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Budget 2023

Finance Minister Nirmala Sitharaman who presented the Union Budget today announced a capital expenditure (CAPEX) outlay of Rs 10 lakh crore for the financial year 2023-24, a 33 percent increase from the allocation announced in the previous budget.

Sitharaman, in her budget speech announced the increase of capital investments outlay of Rs 10 lakh crore for 2023-24, a 33 percent hike, compared to the outlay of Rs 7.5 lakh crore for the previous financial year.

She said the capital investment outlay will be hiked by 33 percent to Rs 10 lakh crore, accounting to 3.3 percent of the GDP in 2023-2024 fiscal.

The Finance Minister also announced that 50-year interest-free loan to states will continue for another year.

Read Also: Budget 2023: No tax cuts yet but it is raining memes already

Sitharaman also announced a capital outlay of Rs 2.40 lakh crores for the Indian Railways, the highest-ever allocation since 2013-14. The massive allocation is to the benefit of the middle-class as it means the freight fare and passenger tickets won’t likely be hiked by the railways.

Sitharaman pointed out that the outlay was nine times the allocated amount made in 2013-14 during the Congress-led UPA regime.

Earlier, Sitharaman announced that the agriculture credit target will be raised to Rs. 20 lakh crores which will primarily focus on animal husbandry, dairies and fisheries.

Sitharaman who presented her fifth consecutive budget at 11: am today announced that the Union government will introduce Agriculture Accelerator Fund to boost agriculture startups by young professionals, especially in rural areas.

This is Narendra Modi-led BJP government’s last full-fledged Budget before the Lok Sabha polls early next year. Union Budget 2023-24 is also the first normal budget after the coronavirus pandemic.

Budget 2023 will meet expectations of every section, says MoS Finance Pankaj Chaudhary

Nirmala Sitharaman wears red saree for Budget 2023 | A look at her love for Sambalpuri, Ikat, Kanjivaram sarees

India News

Asaduddin Owaisi criticises Bilawal Bhutto’s remarks amid Indus Waters Treaty row

Asaduddin Owaisi hits out at Bilawal Bhutto Zardari for his provocative “blood will flow” remark after India suspended the Indus Waters Treaty, highlighting the tragic consequences of terrorism.

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Pakistan Foreign Minister Bilawal Bhutto Zardari

AIMIM leader and Hyderabad MP Asaduddin Owaisi has strongly rebuked Pakistan People’s Party (PPP) leader Bilawal Bhutto Zardari over his controversial statement following India’s suspension of the Indus Waters Treaty. Owaisi reminded Bhutto of the tragic assassinations of his mother, former Pakistan Prime Minister Benazir Bhutto, and grandfather, former President Zulfikar Ali Bhutto.

Bilawal Bhutto, who was Pakistan’s Foreign Minister till 2023 and remains an influential figure in the ruling coalition, had issued a provocative warning after India’s decision, reportedly saying, “The Indus is ours and will remain ours – either our water will flow through it, or their blood.”

Responding to these remarks, Owaisi said Bhutto should reconsider his words, recalling how terrorism claimed the lives of his mother and grandfather. “Forget about such childish talk. His mother was killed by terrorists. He should not speak in this manner,” Owaisi said, stressing that terrorism must be condemned universally and not selectively.

Owaisi also criticised Pakistan’s leadership for threatening India with nuclear weapons, highlighting the brutality of recent terror attacks. “If you enter a country and kill innocents, no nation will remain silent,” he said. He compared extremist elements to the Khawarij and ISIS sympathisers, known for their radical ideologies.

The assassination of Benazir Bhutto in Rawalpindi in December 2007 has long been linked to extremist groups, though the case remains unresolved.

Bilawal Bhutto’s comments have sparked wide condemnation across India’s political spectrum. Union Minister Hardeep Singh Puri suggested that Bhutto should undergo a mental health evaluation, while Congress MP Shashi Tharoor labelled the remarks “inflammatory.” Tharoor warned that any aggression from Pakistan would be met with an appropriate response, asserting, “If blood is going to flow, it will possibly flow more on their side than ours.”

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India inks Rs 63,000 crore deal for 26 Rafale-M jets to strengthen naval fleet

India has signed a ₹63,000 crore deal with France to acquire 26 Rafale M fighter jets, strengthening the Navy’s capabilities aboard INS Vikrant and INS Vikramaditya.

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India has finalized a major ₹63,000 crore agreement with France for the acquisition of 26 Rafale M fighter jets, enhancing its maritime strength significantly. This government-to-government deal, signed on Monday, includes 22 single-seater and four twin-seater trainer variants, with delivery expected by 2031.

The deal not only covers the procurement of the jets but also includes comprehensive fleet maintenance, logistical support, and training for Navy personnel. In a notable boost to the ‘Atmanirbhar Bharat’ initiative, indigenous manufacturing of several components will be undertaken under offset obligations.

The Rafale M, currently operated only by the French Navy, is renowned for its superior capabilities among naval fighter jets globally. It features Safran Group’s reinforced landing gear, folding wings, and a robust undercarriage designed to endure the tough conditions of carrier-based operations.

The Indian Navy plans to deploy these new Rafale-M fighters aboard its aircraft carriers, INS Vikrant and INS Vikramaditya, replacing the ageing fleet of MiG-29K aircraft. This move is expected to significantly bolster India’s maritime defense capabilities, especially amid rising security challenges in the Indian Ocean region.

In December, Navy Chief Admiral Dinesh Tripathi emphasized a strategic shift to “negate” any infringement in India’s operational areas, highlighting the preparedness to counter threats from neighboring regions.

India’s Air Force, which already operates 36 Rafale ‘C’ variant jets from northern bases, will also benefit indirectly through upgrades to systems like the ‘buddy-buddy’ aerial refueling capability, allowing fighter jets to stay airborne for extended missions.

Looking ahead, the Navy is also progressing toward the induction of indigenous fifth-generation, twin-engine deck-based fighters, being developed by the Defence Research and Development Organisation (DRDO). These fighters will complement the Air Force’s upcoming Advanced Medium Combat Aircraft (AMCA), further strengthening India’s air and maritime security architecture.

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Omar Abdullah’s emotional address after Pahalgam attack highlights Kashmir’s unity against terror

Chief Minister Omar Abdullah delivered a heartfelt address in the J&K Assembly after the Pahalgam terror attack, praising local bravery and calling for national unity against terror.

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In the aftermath of the devastating terror attack in Pahalgam, Jammu and Kashmir Chief Minister Omar Abdullah delivered an emotional speech in the state Assembly, underscoring the collective grief and resilience of the nation. Reading out the names and states of all 26 victims, he said the entire country — from Arunachal Pradesh to Gujarat, and Kashmir to Kerala — has been touched by this tragedy.

The National Conference leader asserted that the Valley stood united against terrorism, calling the event a potential “beginning of the end” of such violence in the region. Abdullah acknowledged the bravery of the local people, many of whom rushed to assist the injured tourists during the attack.

Opposition and ruling parties join hands in rare solidarity

In a remarkable moment of unity, Opposition leaders, including BJP’s Sunil Sharma, praised Omar Abdullah’s swift and composed response. An all-party meeting was convened, and a special Assembly session was organized, reflecting a bipartisan resolve against terror.

The Chief Minister expressed deep sorrow over the inability to protect the tourists, stating that though security is not under the elected government’s control, as the host and tourism minister, the responsibility ultimately lay with him. “I had no words to apologise to the victims’ families,” Abdullah said, recounting heartbreaking stories of survivors, including a newly-widowed Navy officer’s wife.

Strong condemnation of terrorists and call for public trust

Omar Abdullah sharply criticised the terrorists, questioning their claim of acting on behalf of the people of Kashmir. “None of us is with this attack,” he declared, emphasizing the collective rejection of violence by Kashmiris.

Highlighting an unprecedented reaction, he noted that from Kathua to Kupwara, people spontaneously protested against the attack, sending a strong “Not in my name” message. This, he said, is a beacon of hope and a vital sign that lasting peace can be achieved if public trust remains strong.

Tribute to local heroes and calls for cautious optimism

Paying tribute to Syed Adil Hussain Shah, a pony ride operator who sacrificed his life protecting tourists, Abdullah hailed the courage shown by many locals. From offering free food to providing transport and shelter, countless Kashmiris extended their support to the victims without expecting anything in return.

While acknowledging that some Kashmiri students faced problems in other parts of the country following the attack, Abdullah also expressed gratitude towards state governments that managed to control tensions effectively.

With his heartfelt address, Omar Abdullah called for cautious optimism, urging the administration to act wisely and foster the people’s spontaneous solidarity into a sustained movement against militancy.

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