India News | Sitharaman Asks Secretaries to Ensure Capital Expenditure to Tune of 50 Pc of Outlay by End of Q2

New Delhi [India], Aug 14 (ANI): Union Finance Minister Nirmala Sitharaman on Friday held the third review meeting of seven CPSEs (Central Public Sector Enterprises) on capital expenditure in this financial year.

She asked concerned secretaries to closely monitor the performance of CPSEs to ensure capital expenditure to the tune of 50 per cent of capital outlay by the end of Q2 of FY 2020-21 and make an appropriate plan for it.

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The move is part of efforts by the government to give a boost to the economy impacted by COVID-19.

Sitharaman held a video conference with secretaries of the Ministries of Shipping, Road Transport and Highways, Housing and Urban Affairs, Defence and Department of Telecommunications along with the CMDs of 7 CPSEs belonging to these ministries, a Finance Ministry release said.

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"The combined CAPEX target for FY 2020-21 for these 7 CPSEs is Rs. 1,24,825 crore. In FY 2019-20, against the CAPEX target of Rs.1,29,821 crore for the 7 CPSEs, the achievement was Rs.1,14,730 crore i.e. 88.37%. During Q1 of FY 2019-20 achievement was Rs. 20,172 crore (15.53%) and achievement upto July 2020 (FY 2020-21) is Rs.24,933 crore (20%)."

"The Finance Minister asked the concerned Secretaries to closely monitor the performance of CPSEs in order to ensure capital expenditure to the tune of 50% of capital outlay by the end of Q2 of FY 2020-21 and make an appropriate plan for it," the release said.

Referring to the significant role of CPSEs in giving a push to the growth of the Indian economy, the Finance Minister encouraged the CPSEs to perform better to achieve their targets and to ensure that the capital outlay provided to them for the financial year 2020-21 is spent properly and within time.

She said that better performance of CPSEs can help the economy in a big way to recover from the impact of COVID 19. (ANI)

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