FinMin reviews capital expenditure plans of big PSUs

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The Finance Ministry today reviewed capital expenditure plans of 13 big PSUs, including ONGC, SAIL and BHEL, so that proposals to kick start the investment cycle could be placed before the new Minister for further action soon.

"Finance Secretary Arvind Mayaram today reviewed the capex plan of 13 big PSUs. The whole idea is to prepare ground for the new Finance Minister and the new government to foster growth," a senior finance ministry official said.

"There will be separate review of capex expenditure plans of power and telecom sector PSUs before May 26," the official added.

Narendra Modi, who steered the BJP-led NDA to a stunning victory, will be sworn in as Prime Minister on May 26 at the Rashtrapati Bhavan.

The official further expressed the hope that the PSUs' capex expenditure plans in the current fiscal year will be higher than their capex expenditure plan in 2013-14.

"Last fiscal, we had capex expenditure plans of 2.57 lakh crore for all the PSUs. We achieved 2.48 lakh crore capex expenditure. This year we should look to better it," he said.

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