FinMin reviews Capex plan of urban development, railways ministries

To push investment in infrastructure projects, the finance ministry on Wednesday reviewed the progress of capital expenditure (Capex) by the urban development and railway ministries.

Union Budget for 2021-22 has provided a capital outlay of Rs 5.54 lakh crore, an increase of 34.5 per cent over the Budget Estimate of 2020-21.

"To push investment in infrastructure projects and accelerate capital spending, @FinMinIndia held review meetings with @MoHUA_India and @RailMinIndia today, to review the progress of capital expenditure, implementation of infrastructure projects and asset monetization plans," the finance ministry said in a tweet.

Economic Affairs Secretary Ajay Seth and senior officials of these two ministries were present in the meeting.

During the meeting, it said, Ministry of Housing and Urban Affairs Secretary Durga Shanker Mishra expressed confidence in achieving the National Infrastructure Pipeline (NIP) Capex target of over Rs 3 lakh crore in FY22.

Chairman Railway Board Suneet Sharma highlighted that freight loading has increased by more than 21 per cent compared to last year, and the railway ministry has achieved 92 per cent of NIP targets set for Q1 and Q2 FY22.

He also expressed hope of meeting the NIP Capex targets of over Rs 2 lakh crore during the current fiscal.