Financial Insights

Finance minister Nirmala Sitharaman asks transport, petroleum, steel ministries to front load Capex spending

To facilitate investment in infrastructure projects, Finance Secretary Nirmala Sisaraman reviewed the progress of the Ministry of Petroleum and Steel’s capital investment (capital investment) on Tuesday and urged spending ahead of schedule.

As a continuation of efforts to accelerate investment and timely infrastructure development, she chaired review meetings with the Ministry of Road Transport and Highways(MoRTH), the Ministry of Petroleum and Natural Gas (PNG) and the Ministry of Steel.

In the review with the MoRTH, Sitharaman advised that it may shift from quarterly to monthly reviews of specific projects to ensure their timely completion.

She further stated that steel sector has great potential and specified that it will benefit from the recently launched Production Linked Incentive (PLI) scheme.

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