India PM ramps up capital spending in budget

India's Prime Minister Narendra Modi's government ramped up capital spending by a substantial 33% to 122 billion USD in an annual budget presented to Parliament Wednesday.

The country’s finance minister said private investments were flowing in after the pandemic, which India's economy has rebounded from, and there was a need to focus on driving growth. India's economy has leapt ahead in recent years. It surpassed the United Kingdom last year to become the fifth-largest economy in the world. The budget also focused on expanding social welfare schemes and spotlighting “green growth," in line with India's climate change ambitions.