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CPSEs to submit capex, vendor payment status to govt next week

CPSEs to submit capex, vendor payment status to govt next week

New Delhi, Oct 9 (SocialNews.XYZ) The major central public sector enterprises (CPSEs) would submit their capex plans to the government next week along with the latest update on payment of dues to suppliers belonging to micro, small and medium enterprises (MSMEs) category.

The CPSEs would submit the capex plan for the next four quarters.

"We have an online system where suppliers can track their payment status. We will submit vendor payment update to the government by October 15," executive of a PSU power company said.

 

He said that once the bills are cleared by the competent authority, payments are made instantly.

In order to push the investment cycle, Finance Minister Nirmala Sitharaman had last month asked various CPSEs to frontload their capital expenditure.

With GDP growth slipping, the government has ramped up public spending. In order to further boost it, it has asked public sector majors such as NTPC, Indian Oil, NHPC and ONGC to aggressively push their growth plans in the remaining two quarters of the fiscal.

As per official figures, petroleum and natural gas (P&NG) major ONGC has a capex plan of Rs 32,921 crore for FY20. Its capex till August 2019 was Rs 8,777 crore which was 26.66 per cent of the total planned capex.

Indian Oil Corporation has a capex plan of Rs 25,083 crore of which Rs 8,173 crore (32 per cent) has been spent. Power PSU NTPC has made a capex of Rs 8,490 crore (42 per cent) out of a plan of Rs 20,000 crore.

In their meeting with Finance Minister Sitharaman, the CPSEs had projected their investment at about Rs 50,000 crore in the next quarter.

Source: IANS

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CPSEs to submit capex, vendor payment status to govt next week

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

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