Nirmala Sitharaman tells ministries to formulate their CAPEX plans

Finance Minister Nirmala Sitharaman addressed the media following her meeting with ministry officials on Friday. In her address, she said that the country’s CAPEX (capital expenditure) is on track. She has also said the government owes only Rs. 20,000 crore dues and these dues will be released by the first week of October.

Finance Minister asks Ministries to clear payments

The Finance Minister asked ministries and departments that regular payments to be cleared expeditiously as it spurs the investment cycle. She also emphasised on the importance of making sure that outstanding payments be cleared before the festive season. 

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‘The Government will not sit on payments due’ says Nirmala Sitharaman

The meeting was called to review the total CAPEX  by ministries 2019-20 and plan for the future in the current financial year. “We are looking at our Budget target. The larger story is that the Government will not sit on payments due,” Nirmala Sitharaman added. 

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Nirmala Sitharaman assures no liquidity crisis

Earlier Nirmala had assured that there is no liquidity crisis in the country after a meeting with officials from Private Sector Banks. Sitharaman also revealed that the small finance banks were on a smooth path. She also said that there was positive growth in the rural areas where the demand for loans was higher.

Major economic reforms to boost the economy

In the last few weeks, the Government has come up with various moves to boost the economy. The Finance Minister had announced the merger of major PSU banks. The Government also cut down the corporate tax rate to 25.17% recently. India also opened its doors further to foreign direct investment (FDI) and allowed 100% FDI in commercial coal mining and allowed contract manufacturing through the automatic route. Prime Minister Narendra Modi also addressed the Bloomberg Global Business Forum in New York and encouraged the corporate leaders from across the globe to invest in India in an eloquent assurance.

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(With ANI inputs)