FM proposes to issue sovereign green bonds to mobilise resources

Finance Minister Nirmala Sitharaman on Tuesday proposed to issue sovereign green bonds to mobilise resources as part of the government’s borrowing programme.

She said that outlay for capital expenditure has been stepped up by 35.4 per cent to Rs 7.5 lakh crore in FY’23.

Effective capital expenditure will be Rs 10.68 lakh crore, or 4.1 per cent of GDP, in 2022-23, the finance minister said, adding public investment must take the lead to pump prime private investment and support demand.

The finance minister also said that a world-class university will be allowed in GIFT (Gujarat International Finance Tec-City) IFSC (International Financial Services Centre) free from domestic regulation.

International arbitration centre will also be set up in GIFT city to provide faster dispute resolution, she added.