The Capex conundrum One of the most praised features of the Union Budget for FY23 presented last week is the emphasis on capital expenditure. The government, industrialists, bankers and many market participants have highlighted that the sharp rise in allocation for capital expenditure in the budget shall catapult the economy into a higher growth orbit and accelerate the employment generation. Incidentally, the allocation for capital expenditure in the budget is also one of the most criticized items. Experts have highlighted that the higher allocation for capital expenditure in the budget is not only an optical illusion but may also be misdirected as it is mostly focused on the transportation sector and defense and completely ignores priority sectors like tourism, food processing, bio technology, higher education, sports & youth affairs, etc. The opaqueness in the matters of capital expenditure also raises doubts over the government's commitment to transparency in accounti...