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Sitharaman asks ministries to frontload capital expenditure
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IANS | 29 Jun, 2021
Finance Minister Nirmala Sitharaman on Tuesday asked the ministries and
respective departments to make efforts to frontload capital expenditure.
The
minister held a virtual meeting with senior government officials to
discuss the infrastructure roadmap ahead. This was the sixth review
meeting by the Finance Minister with ministries and departments on the
infrastructure roadmap.
While reviewing the progress, the Finance
Minister asked the Ministry of Housing and Urban Affairs to expedite
the capital expenditure and make efforts for frontloading it, said an
official statement, adding that the Steel Ministry was asked to
frontload capex and facilitate private investment by providing support
and removing bottlenecks.
Similarly, Sitharaman also asked the Ministry of Petroleum and Natural Gas to expedite monetisation of assets during FY 2021-22.
The Department of Space on the other hand was asked to focus on domestic procurement wherever possible.
Sitharaman also highlighted that the infrastructure expenditure is not
just Central Government budgetary expenditure on infrastructure and
includes infrastructure spending by state governments and private
sector. It also includes government expenditure through extra-budgetary
resources.
Therefore, ministries are to actively work on
getting projects funded through innovative structuring and financing and
provide all support to private sector for enhancing infrastructure
spending, said a Finance Ministry statement.
The Finance
Minister also added that the ministries also need to explore Public
Private Partnership (PPP) mode for viable projects. Sitharaman also
asked the ministries and their CPSEs to ensure clearance of Micro,
Small & Medium Enterprises (MSME) dues by July 31, 2021.
She also asked the secretaries of ministries to push expenditure on
large important projects to ensure that the achievement is commensurate
with timelines.
Sitharaman also asked the ministries to take up
regular reviews of sector-specific projects with the concerned state
governments for effective implementation of the same.
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