Finance Minister Stresses Timely Utilisation of Housing and Urban Affairs Capex Plan

Finance Minister Nirmala Sitharaman reviewed the Ministry of Housing and Urban Affairs' capex plan, emphasizing timely and efficient use of funds. Discussions included the Pradhan Mantri Awas Yojana (Urban) scheme and budgetary concerns for FY 2024-25. Sitharaman also focused on capex targets for urban transport projects like Metro Rail and RRTS.

Finance Minister Nirmala Sitharaman reviewed the capital expenditure (capex) plan of the Ministry of Housing and Urban Affairs on Friday, stressing the need for timely and efficient utilization of allocated funds.

A focal point of the discussions was the Pradhan Mantri Awas Yojana (Urban) scheme, a vital initiative aimed at providing affordable housing to urban residents.

The Finance Minister highlighted the necessity of accelerating progress under this scheme to cater to the housing needs of urban India, according to a post on X by the finance ministry.

This review meeting is part of a series designed to track significant capex allocations outlined in the Union Budget.

For the financial year 2024-25, a budgetary allocation of Rs 28,628 crore has been marked for capital expenditure. Emphasizing the necessity of meeting set deadlines, Sitharaman encouraged officials to ensure full utilization of these funds by the end of the financial year.

Additionally, Sitharaman urged the Urban Affairs Ministry to meet capex targets for crucial urban transport projects including Metro Rail and the Regional Rapid Transit System (RRTS).

(With inputs from agencies.)