‘Capital expenditure targets should be met on time’- Finance Minister

New Delhi| Union Finance Minister Nirmala Sitharaman has asked the Ministry of Housing and Urban Affairs (MoHUA) to ensure that the capital expenditure (capex) target for the financial year 2024-25 is met within the stipulated time frame. During a meeting with officials, the Finance Minister stressed that the full budget allocation of Rs 28,628 crore should be utilized by the end of the financial year.

The Finance Minister held a meeting in New Delhi as part of the ongoing review with ministries and departments with significant capex allocation in the Union Budget. The need for timely and efficient utilization of funds linked to capital expenditure was discussed in this meeting. In a social media post on ‘X’, the Finance Ministry said, “Union Minister of Finance and Corporate Affairs Mrs. @nsitharaman today chaired a review meeting in New Delhi to assess Ministry of Housing and Urban Affairs @MoHUA_India’s budgetary capital expenditure #capex.”

According to the ministry, a large part of the discussion focused on the Pradhan Mantri Awas Yojana (Urban), which aims to provide affordable housing in urban areas. Sitharaman stressed the need to accelerate progress under the scheme to meet the growing housing needs in urban India. He 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 stressed the importance of urban transport and infrastructure. They also discussed the need to meet capital expenditure targets allocated for projects such as metro rail and regional rapid transit systems (RRTS). These projects are important for improving urban mobility and reducing the increasing congestion in cities.The Finance Minister reiterated that timely implementation of these projects is necessary to promote economic growth and improve urban infrastructure across the country.