Finance Ministry meet Heads of CPSEs to boost Capital Expenditure & to ensure quickly payments to Vendors
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The Finance Ministry on Friday held a meeting with the heads of Central Public Sector Enterprises (CPSEs) and Financial Advisors (FAs) of infrastructure ministries.
The meeting, which was aimed at boosting capital expenditure of the Central government so as to pump liquidity in the market to boost the demand, was co-chaired by Secretary of Department of Economic Affairs, Atanu Chakraborty and Secretary of Department of Expenditure G C Murmu.
During the meeting, capital expenditure by various CPSEs and Ministries were reviewed. They were impressed upon to adhere to the expenditure plan and accelerate investment activities.
The meeting also reviewed the release of payments for procurements and other contracts.
The resolution of outstanding payments held up on account of disputes was also discussed.
Finance Ministry would constantly monitor the progress of large infrastructure projects for the Ministries as well as the CPSEs and further follow meetings would be held.
For this purpose, the ministry will be developing a dashboard for enabling Ministries to upload figures on a periodic basis.
Last week, Chakraborty and Murmu also chaired a meeting with the heads of large CPSEs and officials of the Ministry of Micro, Small and Medium Enterprises (MSME) and the Ministry of Public Enterprises.
The incumbent government has devised a multi-pronged approach for providing a boost to the economy.
The merger of some Public Sector Banks and upfront capital infusion of Rs 70,000 crores were announced recently.
It is hoped that enhanced credit flow will spur investment cycle and help revive stressed sectors like housing.
Start-ups have been exempted from "angel tax". Distress in the auto sector has also been addressed through a package of measures.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)