Finance Minister Sitharaman Urges Timely Capex Utilization for MoHUA in FY 2024-25

Finance Minister Nirmala Sitharaman has called on the Ministry of Housing and Urban Affairs to meet its capital expenditure target of Rs 28,628 crore for the fiscal year 2024-25. Emphasis was placed on accelerating housing projects and urban transport infrastructure to foster growth and improve urban living.

Union Finance Minister Nirmala Sitharaman has called upon the Ministry of Housing and Urban Affairs (MoHUA) to meet its capital expenditure (Capex) target for the financial year 2024-25. Sitharaman stressed timely utilization of the full budgeted allocation of Rs 28,628 crore during a meeting with officials on Friday.

The Finance Minister highlighted the need for efficient fund usage during a review meeting in New Delhi. This meeting is part of an ongoing series of reviews involving ministries and departments with significant Capex allocations in the Union Budget. The Finance Ministry shared on social media platform 'X' that Sitharaman chaired a review meeting to assess MoHUA's Capex.

A major focus of the discussion was on the Pradhan Mantri Awas Yojana (Urban) scheme, aimed at providing affordable housing in urban areas. Sitharaman underscored the importance of accelerating progress under this scheme to meet growing housing demands in urban India and urged MoHUA officials to ensure targets are met for the PMAY(U) program.

In addition to housing, emphasis was placed on urban transport infrastructure. Sitharaman highlighted the need to meet Capex targets for projects such as Metro Rail and the Regional Rapid Transit System (RRTS), which are crucial for improving urban mobility and reducing congestion. The ministry added that the Finance Minister underscored the significance of urban transport in her address.

The review meeting is part of the Finance Ministry's continuing efforts to monitor and ensure the effective use of Capex funds by various ministries and departments. Sitharaman reiterated that timely project execution is essential for boosting economic growth and enhancing urban infrastructure nationwide.

(With inputs from agencies.)