Given the possibility of reduced tax revenue, capital expenditure is now expected to slow down

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- The proposed global recession will have an impact on the revenue of the government

Mumbai: There is a possibility of a slowdown in government spending on infrastructure, buildings and other fixed assets in the next financial year. Any reduction in capital expenditure could slow India's growth rate. Not only is there a possibility of a reduction in the country's tax revenue due to the proposed global recession, the sale of assets is also being affected.

During the last two financial years, the budget expenditure on the infrastructure sector was increased by 39 percent and 26 percent.

In the budget to be announced on February 1, Finance Minister Nirmala Sitharam will have to undertake the exercise of keeping the fiscal deficit under control while maintaining the growth rate.

A large government expenditure is still required for infrastructure development in the country. The planning figures are very high and cannot be increased further in view of the fiscal stress, an analyst said.

A possible slowdown in government revenue will impact spending. He also said that the 30 percent growth seen in tax collection in 2021 and 2022 is not likely to be seen in the fiscal year 2024.

In the last few years, the growth rate of tax collection has been higher than the rate of economic growth. This situation has been observed due to strict compliance rules by the government. The benefits of rules have reached their height.

On the other hand, the pace of sale of government assets is also slow and is unlikely to pick up speed before the year 2024, he added. Lok Sabha elections are scheduled in 2024.

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