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Finance Ministry reviews capital expenditure of urban development, railway ministries

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Finance Ministry reviews capital expenditure of urban development, railway ministries

New Delhi, Nov 3 (PTI) The finance ministry on Wednesday reviewed the capital expenditure of the urban development and railway ministries with a view to accelerate investment in infrastructure projects.

A capital expenditure of Rs 5.54 lakh crore has been proposed in the Union Budget for the financial year 2021-22, which is 34.5 per cent higher than the budget estimate for 2020-21.

The Ministry wrote on Twitter, “To increase investment in infrastructure projects and to accelerate capital expenditure, the Ministry of Finance today held a review meeting with the Ministry of Housing and Urban Affairs and Ministry of Railways. The meeting discussed the progress of capital expenditure, infrastructure projects. The implementation and asset monetization plans were reviewed.”

Economic Affairs Secretary Ajay Seth and senior officials of both these ministries were present in the meeting.

During the meeting, Secretary, Ministry of Housing and Urban Affairs, Durga Shanker Mishra expressed confidence of achieving the capital expenditure target of over Rs 3 lakh under the National Infrastructure Pipeline (NIP) in the financial year 2021-22, the Finance Ministry said. .

Railway Board Chairman Sunit Sharma informed that there has been an increase of over 21 per cent in freight traffic over the previous year, and the Ministry of Railways has achieved 92 per cent of the NIP targets set for the first and second quarters of the current financial year. .

He also expressed hope of meeting the NIP capital expenditure targets of over Rs 2 lakh crore during the financial year 2021-22.

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