India Ramps Up Infrastructure Spending in $130 Billion Budget Push

India plans to invest 12.2 trillion rupees ($133 billion) in infrastructure in the next financial year, about a 9% increase from last year, as Prime Minister Narendra Modi’s government steps up spending to accelerate an overhaul of transport and logistics networks.

“We shall continue to invest to improve infrastructure in cities with a population of more than 500,000,” Finance Minister Nirmala Sitharaman said in her annual budget speech in New Delhi. Public capital expenditure was estimated at 11.2 trillion rupees in the previous budget and is being raised to sustain momentum, she said.