In the fiscal year 2024 budget, India's ministry of finance increased capital expenditures on infrastructure development by 33% year-on-year to 10 trillion rupees.
The finance ministry said the spending will be around 3.3% of India's total GDP. It has also been announced that 24 trillion rupees will be spent on Indian railway building, which will be the highest allocation since FY 2014.
The Indian Steel Association (ISA) said that the increase in the budget will accelerate rapid infrastructure development, in addition, it wants to stimulate private sector investment and job creation by stimulating domestic steel demand.
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