Which of the following is NOT a capital expenditure?

Correct option is D

The correct answer is (d), Subsidies payment. Subsidies are payments made by the government to businesses or individuals to encourage certain activities or to reduce the cost of certain goods or services. Subsidies are not considered capital expenditures because they are not used to acquire or improve fixed assets. Instead, subsidies are used to support specific activities or to reduce the cost of certain goods or services.
The other three options are all examples of capital expenditures. Loans and advances by the central government are used to finance the acquisition or improvement of fixed assets. Expenditure on the acquisition of land is used to purchase land for the construction of new buildings or facilities. Investment in shares is used to purchase shares in companies, which can be used to finance the acquisition or improvement of fixed assets.