look news india
New Delhi, 04 October (Hindustan Reporter). Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Friday directed officials to maintain the momentum built in the first 100 days of the Indian government. He also asked the officials to work diligently to ensure that the capital expenditure target for the current financial year 2024-25 is met as per the plan.
The Union Finance Minister said this during a review meeting held to assess the expenditure of 'Scheme for Special Assistance to States for Capital Investment' under the Department of Expenditure (DOE) of the Ministry of Finance in the capital New Delhi. Acknowledging the role of the scheme, Sitharaman stressed the importance of continued collaboration with states. Along with this, the Finance Minister motivated them to adopt the envisaged reforms.
Chairing the meeting, Sitharaman said that the scheme has been helpful in increasing capital expenditure at the state level, which in turn encourages infrastructure development, job creation and economic growth. The Finance Minister urged the Secretary, Department of Education, to coordinate with the State Governments and expedite the submission and approval of proposals under the Scheme, to ensure that capital investment is made in a timely and efficient manner.
According to the statement issued on the ex-post of the Finance Ministry, Secretaries of the Department of Economic Affairs (DEA) and the Department of Expenditure were also present in this meeting. According to the ministry, the meeting is part of an ongoing series aimed at reviewing the capital expenditure (capex) performance of key ministries and departments with significant expenditure to accelerate economic growth in India through timely capital investment. Strengthens the government on its commitment.
During the meeting, DOE Secretary briefed the Union Finance Minister about the progress of the Special Assistance Scheme to States for Capital Investment, which aims to enhance the capacity of States for capital expenditure through 50-year interest free loans offered by the Central Government. There is an initiative to increase it. Part-I of the scheme has an 'Untied Fund' component, which states can use for their capital investment projects. Whereas, the second part of the scheme includes releases related to various reforms by the states, which are as follows:-
-Construction of Unity Mall, Police House and libraries.
-Removal of old vehicles.
-Development of prestigious tourist centres.
-Promoting industrial development.
-Modernization and digitization of rural land records.
-Creation of State Farmers Registry.
-Land improvement in urban areas by the state government and construction of hostels for working women etc.
It is noteworthy that projects worth Rs 50,069 crore have been approved till September 30, 2024 with a total outlay of Rs 1.5 lakh crore for the financial year 2024-25.