FM Nirmala Sitharaman reviews capex plan of Housing and Urban Affairs Ministry

New Delhi: Finance Minister Nirmala Sitharaman on Friday reviewed the capex plan of the Ministry of Housing and Urban Affairs and emphasized on the need for timely and efficient utilisation of these funds.

A key focus of the discussions during the meeting was the Pradhan Mantri Awas Yojana (Urban) scheme, which plays a crucial role in providing affordable housing.

"Union Finance Minister Smt. @nsitharaman underscored the importance of accelerating progress under this scheme to meet the housing needs of urban India," the finance ministry said in a post on X.

This meeting was part of a series of ongoing reviews with Ministries and Departments that have significant capex allocations in the Union Budget.

For the financial year 2024-25, a budgetary allocation of Rs 28,628 crore has been earmarked for capital expenditure. During the meeting, the Finance Minister emphasized the need for timely and efficient utilisation of these funds, the ministry said.

Sitharaman also impressed upon the officials of the Urban Affairs Ministry to ensure that the capex target for FY 2024-25 is met within the stipulated time frame and that the entire budgeted amount is fully utilised by the end of the financial year.

Sitharaman also emphasised the importance of urban transport, urging officials to meet capex targets allocated for Metro Rail and the Regional Rapid Transit System (RRTS).