FM wants monetisation of oil assets expedited

Ministries urged to ramp up capex

Finance Minister Nirmala Sitharaman on Tuesday called for speedier monetisation of oil and gas assets this year and asked Ministries to expedite capital expenditure projects to revitalise the economy after the second wave of COVID-19.

While the Budget has provided an outlay of ₹5.54 lakh crore for FY22, the Minister said public sector enterprises need to complement it with their own steps to ramp up capex. She was reviewing spending plans and the implementation status of Budget announcements with top officials from four departments — Steel, Space, Housing and Urban Affairs, Petroleum and Natural Gas.

At the meeting, she asked the Ministry of Housing and Urban Affairs to try to front-load capital spending and facilitate private investment by providing support and removing bottlenecks.

The Petroleum and Natural Gas Ministry was asked to expedite monetisation of assets and the Department of Space was asked to focus on domestic procurement wherever possible, the ministry said in a statement.

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