New Delhi, Dec 20 (IANS): The fiscal policy, led by favourable macroeconomic fundamentals, ensured higher pace of capital expenditure compared to last year, to push for rapid infrastructure development, considering multiplier effect of capital expenditure on overall economy, an official document said on Tuesday.

The "Statement on Half Yearly Review of the Trends in Receipts and Expenditure in relation to the Budget at the end of the first Half of 2022-23", tabled in Parliament on Tuesday, said that the "current global economy is navigating through incredibly rough waters attributed to global uncertainties, unfolding of conflict in Ukraine, reaction of financial and commodity markets to the changing scenarios and tight monetary policy".

"However, despite hurdles, the Indian economy has performed reasonably well as compared to other major economies and shown its resilience amidst the global slowdown and global uncertainties," it said.

The government remains committed towards strong macroeconomic fundamentals and financial stability, the statement added.