- Infrastructure capital expenditure acts as a growth driver while preventing supply-side bottlenecks and demand-pull inflation. - Sustained public capex crowds in private investment, enhancing medium-term productive capacity. - Balancing fiscal consolidation with capital expenditure remains a core macroeconomic objective for sustainable growth. - **Union Budget:** The annual financial statement of the Government of India presented under Article 112, detailing estimated receipts and expenditures for the upcoming fiscal year. **Introduction** The article highlights the significance of infrastructure investment in the Union Budget as a non-inflationary driver of economic growth. By expanding supply capacities, infrastructure capex avoids the overheating and supply-side constraints typically associated with rapid economic expansion. **Core Issue and Detailed Points** - Infrastructure capital expenditure acts as a growth driver while preventing supply-side bottlenecks and demand-pull inflation. - Sustained public capex crowds in private investment, enhancing medium-term productive capacity. - Balancing fiscal consolidation with capital expenditure remains a core macroeconomic objective for sustainable growth. **Key Statutory Bodies, Acts & Concepts** - **Union Budget:** The annual financial statement of the Government of India presented under Article 112, detailing estimated receipts and expenditures for the upcoming fiscal year.