Planned expenditure on infrastructure to ensure jobs creation, says Assocham’s Vineet Agarwal

New Delhi: As Asia's third-largest economy emerges from a pandemic-induced downturn, Union Finance Minister Nirmala Sitharaman had said on Tuesday that her budget for 2022-2023 will build the framework for economic recovery through public investment.

Echoing the same sentiment, Vineet Agarwal, Managing Director at Transport Corporation of India Limited, President at Assocham said that planned expenditure on infrastructure will ensure jobs creation.

He further said that PM Gati Shakti programme in line with infrastructure spending will help in bringing down the logistics cost and it will also help in the growth of multi modal network. This will all be encompassed in a digital framework. “We are very happy that the government has looked at logistics this year as a key driver towards a $5 trillion economy.”

The Centre forecasts growth of 8% to 8.5 percent for the current fiscal year, compared to an anticipated 9.2 percent for the previous fiscal year and a 6.6 percent decrease the year before.

To support growth ambitions for the year beginning April, Sitharaman has recommended increasing the amount of the economy's annual spending to $39.5 trillion ($529 billion).