"Icra estimates that the 13 state governments have the fiscal space to incur capital spending of as much as Rs 7.4 trillion in FY2023, rivalling the size of the GoI's capex budgeted for this fiscal. While the availability of funds doesn't appear to be a constraint in FY2023, the actual outgo incurred by these state governments in the early months of this fiscal has been rather muted," PTI quoted Icra Chief Economist Aditi Nayar as saying.
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