Capex: 'Capital expenditure targets should be met on time', said the Finance Minister in a review meeting with officials

Union Finance Minister Nirmala Sitharaman has urged the Ministry of Housing and Urban Affairs to achieve its capex target for the financial year 2024-25 within the stipulated timeframe. In a meeting with officials on Friday, the Finance Minister emphasized that the entire budgetary allocation of Rs 28,628 crore should be utilized towards the close of the financial year.

He reviewed the capex in a meeting held in New Delhi as part of the ongoing review with ministries and departments that have been allocated sizeable capex in the Union Budget. The meeting discussed the requirement for on-time and effective utilization of capital expenditure-related funds.

In a social media post on 'X', the Finance Ministry said, "Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chaired a review meeting in New Delhi today to assess the budgeted capital expenditure #capex of the Ministry of Housing & Urban Affairs @MoHUA_India."

According to the ministry, a major part of the discussion focused on the Pradhan Mantri Awas Yojana (Urban), which aims to provide affordable housing in urban areas. Sitharaman emphasized the need to accelerate progress under this scheme to meet the growing housing needs in urban India. She also urged MoHUA officials to ensure that all necessary measures are taken to meet the targets set under the PMAY(U) programme.

Apart from housing, the Finance Minister also emphasised the importance of urban transport and infrastructure. She also discussed the need to meet the capital expenditure targets allocated for projects such as metro rail and Regional Rapid Transit System (RRTS). These projects are crucial for improving urban mobility and reducing the growing congestion in cities. The Finance Minister reiterated that timely implementation of these projects is essential to boost economic growth and improve urban infrastructure across the country.