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CPSEs to submit capex, vendor payment status to govt next week
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SME Times News Bureau | 09 Oct, 2019
The major central public sector
enterprises (CPSEs) would submit their capex plans to the government
next week along with the latest update on payment of dues to suppliers
belonging to micro, small and medium enterprises (MSMEs) category.
The CPSEs would submit the capex plan for the next four quarters.
"We
have an online system where suppliers can track their payment status.
We will submit vendor payment update to the government by October 15,"
executive of a PSU power company said.
He said that once the bills are cleared by the competent authority, payments are made instantly.
In
order to push the investment cycle, Finance Minister Nirmala Sitharaman
had last month asked various CPSEs to frontload their capital
expenditure.
With GDP growth slipping, the government has ramped
up public spending. In order to further boost it, it has asked public
sector majors such as NTPC, Indian Oil, NHPC and ONGC to aggressively
push their growth plans in the remaining two quarters of the fiscal.
As
per official figures, petroleum and natural gas (P&NG) major ONGC
has a capex plan of Rs 32,921 crore for FY20. Its capex till August 2019
was Rs 8,777 crore which was 26.66 per cent of the total planned capex.
Indian
Oil Corporation has a capex plan of Rs 25,083 crore of which Rs 8,173
crore (32 per cent) has been spent. Power PSU NTPC has made a capex of
Rs 8,490 crore (42 per cent) out of a plan of Rs 20,000 crore.
In
their meeting with Finance Minister Sitharaman, the CPSEs had projected
their investment at about Rs 50,000 crore in the next quarter.
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