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. FM Nirmala Sitharaman: Capital Expenditure (CAPEX) is on track as per budget target.Govt owes only Rs 20,000 crores dues that'll be released by 1st week of Oct. Have asked all ministries&will ask Central Public Sector Enterprises tomorrow to prepare CAPEX plan for next 4 quarter. pic.twitter.com/N48GR22RMJ — ANI (@ANI) September 27, 2019 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. READ | Nirmala Sitharaman announces measures to boost the real estate sector ‘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. READ | Finance Minister Nirmala Sitharaman unveils reforms to boost exports 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. Union Finance Minister Smt @nsitharaman holding a meeting with Private Sector Banks and Financial Institutions in New Delhi today.@nsitharamanoffc @rajeevkumr pic.twitter.com/AUQkZqB8Q7 — Ministry of Finance (@FinMinIndia) September 26, 2019 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. READ | Finance Minister Sitharaman brushes aside fears of liquidity crisis READ | Anand Mahindra comes to Nirmala Sitharaman's defence, shuts trolls (With ANI inputs)

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Nirmala Sitharaman tells ministries to formulate their CAPEX plans

Nirmala Sitharaman addressed the media following her meeting with ministry officials. In her address, she said that the country’s CAPEX is on track

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