The government proposes to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP, Union Finance Minister Nirmala Sitharaman said on Wednesday.

"(This outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With substantial increase, it is central to government`s efforts to enhance growth potential and job creation, crowd in private investments and provide cushion against global headwinds," Sitharaman said in her Budget speech in Parliament today.