FM Asks Ministries to Expedite Capex Target Implementation

· Budgetary capex allocation for the ministry of road, transport and highways has increased by 90% from over Rs 1.4 lakh crore in FY2019-20 to over Rs 2.7 lakh crore in FY2024-25.

· The estimated capex budgetary allocation for the ministry of communication in FY2024-25 stands at Rs 28,835 crore.

[ABS News Service/04.09.2024]

FM Nirmala Sitharaman on Tuesday (03.09.2024) underlined the importance of setting quarterly targets for capex by various ministries and expedite spending in the remaining months of the year.

In a review meeting on the budgeted capital expenditure for the ministry of road, transport and highways (MoRTH) and the department of telecom, Sitharaman exhorted the respective ministries to expedite implementation and make up for the June and Sept quarter targets in Dec quarter of FY2024-25 itself, the finance ministry said in a statement.

A series of review meetings to be chaired by Sitharaman has been scheduled with various ministries/departments with significant capex outlays.

During the meeting, Sitharaman underlined the importance of setting quarterly targets and ensuring that they are achieved within a stipulated timeframe, the statement added. Budgetary capex allocation for the ministry of road, transport and highways has increased by 90% from over Rs 1.4 lakh crore in FY2019-20 to over Rs 2.7 lakh crore in FY2024-25.

Secretary MoRTH apprised the FM about the capex plans for the remaining FY 2024-25. He informed the FM that efforts are being made to attract private capital through various measures and efforts are underway to ensure that asset recycling targets are also met, the statement added.

During the review with respect to the ministry of communication, the details of capex plans in FY2024-25 for Bharat Net Programme, 4G mobile projects — Indigenous Technology, Network for Spectrum, and 4G saturation and other mobile projects were discussed. The estimated capex budgetary allocation for the ministry of communication in FY2024-25 stands at Rs 28,835 crore. DoT secretary apprised Sitharaman about the capex plan and targets for the Bharat Net project, which aims at providing affordable broadband services to citizens in rural and remote areas.