New Delhi, Feb 1 (IANS) The Chairman of Indian Banks’ Association (IBA), A.K. Goel, said on Wednesday that the Union Budget 2023-24 has given a thrust to propel the domestic growth engines, while focusing on unleashing internal strength of the economy.
All the seven priorities of the Budget, such as inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector, are focused on improving the existing infrastructure and introducing new things with a view to reap the benefits for the betterment of the country, said Goel, who is also the MD & CEO of Punjab National Bank.
As the external world braces for recession, the Budget is banking on encouraging domestic demand and public investments (from unity malls to roads and coastal areas to highways to affordable houses) to propel growth.
As states have to play a key role in public investment and capex, continuation of 50-year interest-free loan to state governments is very positive for capex and equitable economic growth, he said.
Moreover, 100 transport infrastructure projects identified for end-to-end connectivity for ports, coal, steel and fertiliser sectors, proposal to build urban infrastructure in Tier 2 and 3 cities through the Urban Infrastructure Development Fund are expected to create multiplier effect on the economy, he added.
The government’s resolve to stick to the gliding path of fiscal deficit and to bring it down to below 4.5 per cent of the GDP by FY26 is quite positive for the economy, Goel said.
–IANS
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