India's finance ministry has increased capital expenditure on infrastructure development by 33% year on year to 10 trillion rupees in its budget for the fiscal year 2024.

The spending will be about 3.3% of India's total GDP, the finance ministry said. It was also announced that a capital expenditure of 24 trillion rupees will be spent on the Indian railway building, which will be the highest allocation since fiscal 2014.

The Indian Steel Association (ISA) said the increase in the budget would drive rapid infrastructure development and stimulate domestic steel demand, thereby spurring private-sector investment and job creation.