₹12.2 LAKH CRORE PUBLIC CAPEX PROPOSED IN FY2026-27

• Public capital expenditure proposed at ₹12.2 lakh crore for FY2026-27, up from ₹11.2 lakh crore (BE 2025-26).
• Budget continues the infra-led growth strategy: capex has risen ~6x from ₹2 lakh crore in FY2014-15.
• Flagship announcements: 7 High-Speed Rail (HSR) corridors, a new Dedicated Freight Corridor (Surat-Dankuni), 20 new National Waterways, an Infrastructure Risk Guarantee Fund (IRGF) and a Seaplane VGF scheme.
• Relevant for UPSC: Economy (capex–growth multiplier), Infrastructure, Federal finance, PPP risk-sharing.