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Capex to be decided according to country's need, says MoS Finance

2024-12-13 00:00:00.0 商业标准报-经济和政策原网页

Plan for building India’s logistics towards becoming a developed nation by 2047 is in the works and spending towards capital expenditure (capex) would be decided according to the country’s requirement, Minister of State (MoS) for Finance Pankaj Chaudhary told reporters on Friday. He also said that no decision has been taken on the 35 per cent tax slab under the Goods and Services Tax (GST)

“Our government has been pushing infrastructure and capex spend in the last few years. In future when the Budget is made, capex will be decided as per the needs,” Chaudhary said.

He said that there is a special focus by Prime Minister Narendra Modi and direction has been given to all ministries to reach their capex target by March. “I am hopeful that the capex target of this financial year (FY25) will be met,” he added.

Speaking on GST rate rationalisation, Chaudhary said: “Rate rationalisation is something the committee is working on… GST Council is a constitutional body… All state finance ministers are part of it and together they take decisions and it is not left to the Centre alone. Most decisions have been made after taking everyone on board.”

The government has set a total expenditure target of Rs 48.2 trillion for FY25. The government has spent 51 per cent of the total expenditure in the first seven months of FY25.

Talking about infrastructure projects, the minister said that the national highway network has grown 1.6 times from 91,287 km in 2014 to 1,46,195 km by November 2024. He said that road highway projects worth Rs 8.2 trillion are ongoing.

The minister said that India's road, air and rail connectivity has improved considerably over the last 10 years. There are some projects held up in road highways due to land acquisition and the government is working to resolve those issues, he said.