Nirmala Sitharaman Press Conference: Finance Minister Lays Out Capital Expenditure Plans After Meeting With Key Ministries
Watch: FM Says Government's Intention Is To Clear All Pending Dues
Finance Minister Nirmala Sitharaman said that the government wants to clear all pending dues of goods and services of government departments.
My intention is to have government departments clear all the pending payments to whoever it should go to.Finance Minister Nirmala Sitharaman
Sitharaman will meet CPSEs and other agencies tomorrow to discuss pending dues.
Watch the full media conference here.
Consumption To Pick Up Before Festive Season: FM
Consumption and credit offtake will be good during the festive season and that will bring buoyancy in the market, Sitharaman said.
Government To Go Ahead With Budgeted Spending
The Indian government will not cut its spending for the current fiscal year even after it announced a Rs 1.45 lakh crore stimulus in the form of corporate tax rate cuts. “At this stage, I am only looking at getting this expenditure going on. Because they (ministries) are all committed. I am having every department to go ahead with what has been scheduled in the budget,” Sitharaman said.
I will have to, obviously, nearer the time, look at reconciling all this and also look at my budget commitment as regards to the fiscal deficits. At this stage my intention is to make sure that the government doesn’t sit on the capex planned.Finance Minister Nirmala Sitharaman
Two-Thirds Of Dues Released
The government and its various departments have already released Rs 40,000 crore of the Rs 60,000 crore pending dues, expenditure secretary Murmu said.
'Asked Ministries To Share Capex Plan For Next 4 Quarters'
Sitharaman said that the finance ministry has asked other ministries to submit their capital expenditure plan for the next four quarters. They will report their expenditure committment and how much will be grounded, she said.
The respective departments will come back with their capex plans in a week.
The larger intention is that money should go where people have been waiting for a long time.Finance Minister Nirmala Sitharaman
All non litigated dues sitting with government departments should be paid up, she said.
Capex On Track: Expenditure Secretary
The dues of CPSEs are being monitored, Murmu said, adding that the government is on track to achieve the 100 percent capital expenditure target.