In order to boost capital spending by states, the ‘Special Assistance to States for Capital Investment 2023-24’ scheme was announced in the Union Budget 2023-24. Under the scheme, special assistance is being provided to the states in the form of a 50-year interest-free loan up to an overall sum of Rs 1.3 lakh crore during the financial year 2023-24.
The department of expenditure has approved capital investment proposals of Rs 56,415 crore to 16 states in the current financial year under the ‘Special Assistance to States for Capital Investment 2023-24] scheme, a finance ministry statement said.
Capital investment projects in diverse sectors have been approved, including health, education, irrigation, water supply, power, roads, bridges, and railways.
Funds for meeting the state share of Jal Jeevan Mission and Pradhan Mantri Gram Sadak Yojana have also been provided to the states under this scheme to enhance the pace of the projects in these sectors.
A similar scheme titled ‘Special Assistance to States for Capital Investment for 2022-23’ was also executed by the finance ministry in the last financial year. Under the scheme, capital investment proposals of Rs 95,147.19 crore were approved and an amount of Rs 81,195.35 crore was released to the states in the last financial year.
The scheme for financial assistance to states for capital investment/expenditure, first instituted by the ministry of finance in 2020-21 in the wake of the Covid-19 pandemic, has given a very timely boost to capital spending by states.
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