NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday held a meeting with secretaries and heads of 23 Central Public Sector Enterprises (CPSEs) to review the capital expenditure in this financial year. During the the virtual meeting, “timely capital expenditure of CPSEs to give a boost to the economic growth of the country” was discussed and the finance minister asked the secretaries to closely monitor the performance of CPSEs and ensure expenditure to the tune of 50 per cent of the capital outlay by Q2 FY21.
“The combined Capex target of the 23 CPSEs for the year 2020-21 is Rs 16,5510 crore. This meeting was held as part of the series of meetings that the Finance Minister is having with various stakeholders to accelerate the economic growth,” the Ministry of Finance said in a tweeet.
Sitharaman also encouraged CPSEs to perform better and achieve their targets within the set time frames as “better performance of CPSEs can help the economy in a big way to recover from the impact of COVID-19.” Besides, the minister stated that unresolved issue should be flagged to the DEA/DPE for immediate resolutions.
India’s gross domestic product (GDP) has been predicted to contract 4.5 per cent in 2020, the finance ministry earlier said, citing IMF data. However, early green shoots of economic revival emerged in May and June, the ministry said in its monthly macroeconomic report.