Finance Minister urges MoHUA to ensure Capex target for FY25 met within stipulated timeframe

23 Sep 2024 Evaluate

In an effort to monitor and ensure the effective utilization of Capex funds by various ministries and departments, 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 (FY25) is met within the stipulated timeframe. Finance Minister stressed that the full budgeted allocation of Rs 28,628 crore should be utilized by the end of the fiscal year. She reiterated that the timely execution of these projects is essential for promoting economic growth and improving urban infrastructure across the country.

She 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.

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.