New Delhi: Finance Minister Nirmala Sitharaman on Friday in her meeting with secretaries, financial advisors of key ministries had announced that she will be meeting heads of non-banking state-owned companies on Saturday.
The meeting is to review total Capital Expenditure ( CAPEX) by the CPSUs in 2019-20 till now and plan for future CAPEX in the current FY.
Apart from Finance Minister, the meeting is attended by Finance Secretary, Secretary DEA, Secretary Exp, CGA, Secretary MSME, and Heads of Oil India, NHAI, HAL, NHPC, CIL, Ind Oil, ONGC, Power Grid, NTPC, GAIL, HPCL, Hindustan Petroleum and CEO GeM.
Sitharaman also said that ministries and departments have been asked to provide their detailed capital expenditure plans for the next four quarters as the government looks to boost growth by giving a push to spending.
"Government should not sit on overdue payments...The idea here is to ensure that there are no outstanding dues to services and goods supplied to different departments.
The meeting comes days after Sitharaman announced a reduction in the country's effective corporate tax rate from around 35 per cent to 25 per cent. For companies that do not avail of any other incentive or commission, the effective tax rate would be just 22 per cent.
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