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Economy

India pumps up infrastructure spending in last full pre-election budget

Modi government to hike capital outlays to $122bn next fiscal year

Commuters travel in an overcrowded train on the outskirts of New Delhi on Feb. 1. India's budget calls for a significant increase in infrastructure spending.    © Reuters

NEW DELHI -- Indian Prime Minister Narendra Modi's government on Wednesday announced a major boost for infrastructure spending in its last full budget before the 2024 general election, aiming to provide a "strong impetus" for job creation and strengthen macroeconomic stability amid a global slowdown.

"The budget takes the lead once again to ramp up the virtuous cycle of investment and job creation," Finance Minister Nirmala Sitharaman said in a speech in parliament as she presented the blueprint for the fiscal year starting in April.

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