The Central Public Sector Enterprises (CPSEs) and large government agencies present in the infrastructure sector, like the National Highways Authority of India (NHAI) and Railways, have invested Rs 4.3 lakh crore, 58.4 per cent of their combined annual capital expenditure target in April-October of FY24, supporting the public capex-led economic growth revival, the finance ministry said in its half-yearly economic review report.

As per the report, on an annual basis, these entities’ capex grew by 22 per cent year-on-year in the first seven months of the current financial year compared with Rs 3.5 lakh crore in the year-ago period.

On the expenditure front, capital expenditure by the government during the first seven months of the fiscal year increased by 33.7 per cent on an annual basis. In this period, the revenue expenditure registered a 6.5 per cent YoY growth. The thrust on capital spending by States has continued, with a 47.4 per cent growth in capital expenditure during the first half of FY24 on the back of the Union Government’s Scheme for ‘Special Assistance to States.

“As of end-October 2023, the Union government had approved expenditure amounting to Rs 96,206 crore (accounting for 74 per cent of the Rs 1.3 lakh crore budgeted for 2023-24), out of which Rs 58,494 crore has already been disbursed to the States.,” the report mentioned.

The half-yearly economic review report also talked about the growth momentum in GST collection, and said, “Amongst the indirect taxes, GST collections have continued to reflect the momentum in economic activity.”

The monthly Gross GST collection for all the months of FY24 has been much higher than that recorded in the corresponding months of the last fiscal year. For November 2023, the gross GST collection at Rs 1.68 lakh crore was 12 per cent higher on a YoY basis.