Expenditure Secretary G C Murmu will chair the meeting, and will also review the progress of current year projects and schemes to be implemented after budget by various ministries.
Taking forward Finance Minister Nirmala Sitharaman’s recent series of relief measures for the economy suffering from a slowdown, Ministry of Finance officials will meet Maharatna and Navratna PSU companies’ heads today, in an effort to pump more liquidity into the system. The officials, in their meeting with heads of large PSUs and financial advisors, are also expected to tell them to quickly clear the overdue payments to the vendors, especially MSMEs. Expenditure Secretary G C Murmu will chair the meeting, and will also review the progress of current year projects and schemes to be implemented after budget by various ministries.
Prior to the upcoming meeting, DEA Secretary Atanu Chakraborty and Expenditure Secretary G C Murmu reviewed the capital expenditure being done by the Ministries of Road Transport and Highways, Railways, Telecom and Housing & Urban Affairs, according to the Finance Ministry. The government has a capital expenditure plan of Rs 3.3 lakh crore during the current financial year, which includes expenditure by the Ministry of Railways and Road Transport.
Finance Minister Nirmala Sitharaman has of late announced a slew of measures to give some push to the slowing economic growth. Today’s meeting is also going to be one such meeting in the finance ministry, aimed to bring out the current economy from six-year low GDP growth of 5 per cent in the first quarter of the current financial year.
The government has been trying to ease doing business in India by taking measures such as permitting 100 per cent FDI in many sectors and recapitalising banks, to add liquidity in the system. The government also cut the interest rates multiple times to boost borrowing and thus investments, but the slowdown caused by domestic and global factors have dominated the present scenario of the economy. The GST council is meeting on 20th September, where further measures such as faster tax refunds are likely to be announced which can bolster small businesses, exporters and manufacturers to carry out business smoothly.