BackIndian economy witnesses significant surge in gross fixed capital formation: Pankaj Chaudhary
Government approved and released special assistance (loan) in the form of 50-years interest free loan for capital expenditure on capital projects including capital projects pertaining to sectors like health, education. irrigation. power. etc for capital expenditure for different states
PremiumNew Delhi: Gross Fixed Capital Formation (GFCF) in India, an essential measure of investment in the economy, has seen significant growth from ₹32.78 lakh crore in fiscal 2014-15 to ₹54.35 lakh crore in fiscal 2022-23 (provisional estimates), according to a written response from Pankaj Chaudhary, the Union Minister of State for Finance, in the Lok Sabha.
The ministry noted an upward trajectory of GFCF, starting from ₹32,78,096 crore in fiscal 2014-15 to ₹34,92,183 crore in 2015-16, rising to ₹37,87,568 crore in 2016-17 and ₹40,83,079 crore in 2017-18. Further growth was observed with GFCF reaching ₹45,40,509 crore in 2018-19 and ₹45,92,579 crore in 2019-20. While it fell to ₹42,55,689 crore in 2020-21, it increased again to ₹48,78,773 crore in 2021-22, and the latest figures show a substantial rise to ₹54,34,691 crore in 2022-23.
In addition to presenting the growth figures, Chaudhary emphasized the government’s commitment to promoting capital expenditure. He noted the implementation of the ‘Scheme for Special Assistance to States for Capital Expenditure’ for 2020-21 & 2021-22, and ‘Scheme for Special Assistance to States for Capital Investment’ for 2022-23 & 2023-24.
“Government approved and released special assistance (loan) in the form of 50-years interest free loan for capital expenditure on capital projects including capital projects pertaining to sectors like health, education. irrigation. power. etc for capital expenditure for different states," he added.
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