20.7 C
Australia
Monday, October 26, 2020

FM Nirmala Sitharaman asks seven CPSEs to spend 50% capex in H1

Must read

Wollongong driver charged for spitting and punching at NSW cops

A man allegedly punched and spat at police officers after he was accused of crashing into a motorcyclist at Wollongong. A 32-year-old man...

ASX rises to 7 month excessive regardless of weaker China GDP

Shares ended Monday’s buying and selling day increased, regardless of issues that difficult financial knowledge out of China may dent the demand for...
The Indian Telegraphhttps://theindiantelegraph.com.au/
Established in 2007, The Indian Telegraph is a multi award winning digital media company based in Australia.

Union Finance Minister Nirmala Sitharaman on Friday asked seven state-owned companies under five key ministries to spend 50 per cent of their capital outlay for the year before October 1.

This is because the government looks to maintain the pace of capital and infrastructure projects in a bid to soften the economic blow from the coronavirus (Covid-19) pandemic.

Finance ministry officials are confident that in spite of the hit on revenues, the Centre will meet its capital expenditure target of Rs 4.12 trillion this fiscal year.

According to an official statement, Sitharaman held a video conference meeting with secretaries of the ministries of shipping, road transport, urban affairs, defence and telecom, as well as the seven PSUs under these departments.

“This was the third in the ongoing series of meetings that the finance minister is having with various stakeholders to accelerate the economic growth in the background of Covid-19 pandemic,” the statement said.

The combined capex target for the seven central public sector enterprises (CPSEs) for FY21 is Rs 1.25 trillion. Sitharaman asked the concerned secretaries to closely monitor the performance of CPSEs and ensure that they spend 50 per cent of their capex by the end of the first half.

Till July end, these PSUs spent around Rs 45,105 crore.

This means that for August and September, they will have to spend Rs 17,307.50 crore to reach Rs 62,412.50 crore, which is exactly half of their FY21 capex target. In FY2019-20, against a capex target of Rs 1.3 trillion for the seven CPSEs, they spent nearly Rs 1.15 trillion or nearly 88.37 per cent, the statement said.

Latest article

International Minister Marise Payne says Doha aircraft incident ‘grossly disturbing’

The invasive examination of 13 Aussie ladies from a Qatar Airways flight has been slammed by the overseas minister as “grossly disturbing”.The incident...

QLD election 2020 reside updates: AFL commentator’s awkward Palaszczuk mix-up

The Queensland Authorities has been hailed because the AFL saviour for agreeing to host an enormous chunk of the game's season however that...

Queensland election 2020: Key seats that can determine election

Within the last week earlier than Saturday’s Queensland election, file numbers of voters have already had their say on the poll field in...

Jenny Mikakos slams Dan Andrews a second time for not easing restrictions

Former well being minister Jenny Mikakos has taken one other swipe at Daniel Andrews over his controversial transfer to delay Melbourne’s break from...

Satan’s Pool drowning deaths: Aboriginal fantasy of Oolana

It’s identified by native Indigenous individuals because the Washing Machine. A good looking pool in tropical rainforest that, legend has it, is cursed...