Petrochemical
Indian PSU's to spend Rs. 1.16 Lac crore on capex this fiscal
While reviewing the performance of CPSEs, the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman said that Capex by CPSEs is a critical driver of economic growth and need to be scaled up for the FY 2020-21 and FY 2021-22.
- By Pravin Prashant
| October 20, 2020
The Capex target for 14 CPSEs from the Ministries of Petroleum & Natural Gas and Ministry of Coal for FY 2020-21 is Rs. 1,15,934 crore, an increase of 4% against the target of Rs. 1,11,672 crore in FY 2019-20.
The Capex achievement in FY 2019-20 was 104% i.e. Rs. 1,16,323 crore. For FY 2019-20, H1 achievement was Rs. 43,097 crore (39%) and achievement of FY 2020-21, H1 achievement is Rs. 37,423 crore (32%).
While reviewing the performance of CPSEs, the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman said that Capex by CPSEs is a critical driver of economic growth and need to be scaled up for the FY 2020-21 and FY 2021-22.
The Finance Minister asked the concerned secretaries to closely monitor the performance of CPSEs in order to ensure the capital expenditure to the tune of 75% of the capital outlay by the end of Q3 of FY 2020-21 and make appropriate plans for it.
Sitharaman expounded that more coordinated efforts are required at the levels of secretary of concerned ministries and CMDs of CPSEs to achieve Capex targets.
While mentioning 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 for FY 2020-21 is spent properly and within time.
Sitharaman said that better performance of CPSEs can help the economy in a big way to recover from the impact of COVID-19.
Sitharaman held a video conference with Secretaries of the Ministries of Petroleum & Natural Gas and Ministry of Coal along with the CMDs of 14 CPSEs belonging to these ministries to review the Capex in this financial year. The CPSEs CAPEX review was carried out jointly by the Department of Economic Affairs and Department of Public Enterprises.
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