Budget 2024: In her Interim Budget 2024 speech, Finance Minister Nirmala Sitharaman announced a capital expenditure (capex) of Rs 11.1 lakh crore for FY25. This is said to be the largest capex allocation to date.

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Following the announcement, civil construction company, GMR Power and Urban Infra Ltd hit the 5 per cent upper circuit on the BSE at Rs 53.67 apiece, and IRB Infrastructure Developers shares gained nearly 3 per cent. On the other hand, L&T traded over 1 per cent lower, PNC Infra was down nearly 3 per cent and NCC was also down over 1 per cent.

The Nifty Realty index also declined over 1 per cent with Prestige Estates being the top loser, slipping over 2 per cent.

"Huge incentives to the private sector for innovations by creating a new fund exceeding one lakh crore and further a deep focus on infrastructure development by increasing the overall provisions as well as steps being taken towards rural, women, and farmer development are astounding steps that will accelerate India becoming a developed nation," said Rajesh Narain Gupta, Managing Partner of SNG & Partners, Advocates & Solicitors.

"The Finance Minister announces a modest 11.1 per cent increase in India's infrastructure spending, aligning closely with the nominal growth estimate," said Pradeep Gupta, co-founder and vice chairman, Anand Rathi Group.

Gupta added, however, that to address the challenges of deteriorating infrastructure, India must consider a more substantial increase in investment rather than a reduction.

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