FM Sitharaman urges officials to meet FY 2024-25 capital expenditure targets on time

Union Finance Minister Nirmala Sitharaman has urged 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 timeframe.

During a meeting with the officials on Friday, FM stressed that the full budgeted allocation of Rs 28,628 crore should be utilized by the end of the fiscal year.

The Finance Minister also highlighted the need for timely and efficient use of these funds during a review meeting in New Delhi, as part of an ongoing series of reviews with ministries and departments that have significant Capex allocations in the Union Budget.

In a social media post on ‘X’, Finance Ministry stated, “Union Minister for Finance and Corporate Affairs Smt. @nsitharaman today chaired a review meeting in New Delhi to assess the budgeted Capital Expenditure #Capex of the Ministry of Housing and Urban Affairs @MoHUA_India”.

As per the ministry, a major part of the discussion focused on the Pradhan Mantri Awas Yojana (Urban) scheme, which aims to provide affordable housing in urban areas.

Sitharaman emphasized the need to accelerate the progress under this scheme to address 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) program.

In addition to housing, the Finance Minister also emphasized the importance of urban transport infrastructure. She highlighted the need to meet Capex targets allocated for projects such as Metro Rail and the Regional Rapid Transit System (RRTS). These projects are crucial for improving urban mobility and easing congestion in growing cities.

“FM Smt. @nsitharaman also emphasised the importance of urban transport, urging officials to meet #Capex targets allocated for Metro Rail and the Regional Rapid Transit System (RRTS),” the ministry added.

The review meeting was part of the Finance Ministry’s ongoing efforts to monitor and ensure the effective utilization of Capex funds by various ministries and departments. The Finance Minister reiterated that the timely execution of these projects is essential for promoting economic growth and improving urban infrastructure across the country.