Union Finance Minister Nirmala Sitharaman will address the post-budget meeting of the Reserve Bank of India's (RBI) central board on 14 February and highlight key points of the Union Budget, including the fiscal consolidation roadmap and high capital expenditure plan.
The post-budget meeting has been scheduled for Monday where FM Sitharaman would be addressing the board members and talk about announcements made in the Budget 2022-23 to perk up growth hit by three waves of coronavirus, according to a PTI report.
It has been a custom that the finance minister addresses the RBI board, consisting of RBI Governor and existing four deputy governors, after the budget.
This year's budget presented earlier this month estimates a nominal gross domestic product (GDP) growth of 11.1%.
The Centre expects this growth to be fuelled by a massive capital spending programme outlined in the Budget with a view to crowd-in private investment by reinvigorating economic activities and creating demand.
FM Sitharaman has raised capex by 35.4% for FY23 to ₹7.5 lakh crore to continue the public investment-led recovery of the pandemic-battered economy. The capex this year is pegged at ₹5.5 lakh crore.
The spending on building multimodal logistics parks, metro systems, highways, and trains is expected to create demand for the private sector as all the projects are to be implemented through contractors.
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