Finance Minister Nirmala Sitharaman Urges Timely Use of Funds for Housing and Urban Projects
Union Finance Minister Nirmala Sitharaman has urged the Ministry of Housing and Urban Affairs (MoHUA) to ensure that the capital expenditure (Capex) target for the financial year 2024-25 is met within the stipulated timeframe. During a meeting with the officials on Friday, FM stressed that the full budgeted allocation of Rs 28,628 crore should be utilized by the end of the fiscal year.
The Finance Minister highlighted the need for timely and efficient use of these funds during a review meeting in New Delhi, as part of an ongoing series of reviews with ministries and departments that have significant Capex allocations in the Union Budget. In a social media post on ‘X’, Finance Ministry stated, “Union Minister for Finance and Corporate Affairs Smt. @nsitharaman today chaired a review meeting in New Delhi to assess the budgeted Capital Expenditure #Capex of the Ministry of Housing and Urban Affairs @MoHUA_India”.
As per the ministry, a major part of the discussion focused on the Pradhan Mantri Awas Yojana (Urban) scheme, which aims to provide affordable housing in urban areas. Sitharaman emphasized the need to accelerate the progress under this scheme to address the growing housing needs in urban India. She also urged MoHUA officials to ensure that all necessary measures are taken to meet the targets set under the PMAY(U) program.
In addition to housing, the Finance Minister also emphasized the importance of urban transport infrastructure. She highlighted the need to meet Capex targets allocated for projects such as Metro Rail and the Regional Rapid Transit System (RRTS). These projects are crucial for improving urban mobility and easing congestion in growing cities.
The review meeting was part of the Finance Ministry’s ongoing efforts to monitor and ensure the effective utilization of Capex funds by various ministries and departments. The Finance Minister reiterated that the timely execution of these projects is essential for promoting economic growth and improving urban infrastructure across the country.
Doubts Revealed
Finance Minister -: The Finance Minister is the person in the government who is responsible for managing the country’s money and finances. In India, this person is Nirmala Sitharaman.
Nirmala Sitharaman -: Nirmala Sitharaman is an important leader in India who takes care of the country’s money matters. She is the Finance Minister.
Ministry of Housing and Urban Affairs -: This is a part of the Indian government that looks after building houses and improving cities and towns.
capital expenditure -: Capital expenditure, or Capex, is money spent by the government to build things like roads, schools, and hospitals. It helps in making the country better.
Rs 28,628 crore -: This is a very large amount of money, specifically 28,628 crore rupees. One crore is equal to 10 million rupees.
financial year 2024-25 -: A financial year is a 12-month period used for budgeting and financial planning. The year 2024-25 means it starts in 2024 and ends in 2025.
Pradhan Mantri Awas Yojana (Urban) -: This is a government program in India that helps people get affordable houses in cities.
urban transport projects -: These are projects that improve how people travel in cities, like building Metro Rail systems and fast trains.
Metro Rail -: Metro Rail is a type of fast train that runs in big cities to help people travel quickly.
Regional Rapid Transit System -: This is a fast train system that connects different cities and towns, making travel quicker and easier.
Capex funds -: Capex funds are the money set aside by the government to build and improve things like roads, schools, and hospitals.