Decoding The Capital Expenditure Budget: Motilal Oswal 

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Motilal Oswal Report

One of the most appreciated features of the Union Budget 2021–22 is the focus on improving the quality of government expenditure, by raising capital expenditure (or capex) from Rs 3.4 trillion in FY20 to Rs 4.4 trillion in FY21RE and further to Rs 5.5 trillion in FY22BE.

This is much higher than expectations and implies massive growth of 65% YoY over two years, taking the capital expenditure to 16% of total expenditure in FY22BE (from 12.5% in the pre-Covid-19 era).

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