Sitharaman holds meeting for enhancing capital expenditure on power, coal, atomic energy

With the aim to boost the capital expenditure (CAPEX) and infrastructure progress in the country, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired review meetings with the Ministry of Power, Ministry of Coal and Department of Atomic Energy on Monday.

The review meetings were attended by the secretaries and top officials of the respective departments.

Sitharaman emphasized on close monitoring for infrastructure spending on-ground and directed ministries to continuously make concerted efforts, including enhanced coordination with all states to ensure that project implementation is fast-tracked.

According to the Ministry of Finance, during the meeting, CAPEX achievements of Q1 and Q2, estimated targets of capital spending by ministries and their Central Public Sector Enterprises (CPSEs) in the upcoming quarters of the current financial year, expenditure incurred for the implementation of National Infrastructure Pipeline (NIP) projects, estimation of funds to be raised by asset monetization, projects undertaken through PPP and Convergence under National Master Plan (Gati Shakti) were discussed.

Sitharaman exhorted officials to review project implementation besides monitoring the release of funds. She reiterated that infrastructure projects are a priority for the Government and their on-track performance is important for the economy.

The Finance Minister also directed officials in Department of Economic Affairs (DEA) to work in close coordination with Ministries/ Departments to ensure that project implementation via civil works is not hampered due to any lack of coordination amongst agencies (like contractors), or by delay in procurement of necessary equipment from international markets.

In the review with the Ministry of Power, Sitharaman observed that the Ministry must increase outreach to states to facilitate project implementation by obtaining necessary clearances in time.

In discussion with the Ministry of Coal, Sitharaman observed that efforts must be made to ensure the timely completion of projects. In review with the Department of Atomic Energy, the Finance Minister stressed on the need to track civil works closely and take proactive steps regarding the procurement of key international equipment in coordination with the Ministry of External Affairs and the Department of Economic Affairs.

The series of review meetings starting last week of October this year is the second of a series of review meetings by the Finance Minister on CAPEX with various infrastructure Ministries/Departments and in continuation of the previous round of meetings held in June 2021, said the Ministry of Finance.

( With inputs from ANI )

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