Sitharaman met heads of Central Public Sector Enterprises (CPSEs) on Saturday.
Finance Minister Nirmala Sitharaman on Saturday asked the state-owned companies to clear vendor, contractor dues by October 15 for services rendered, goods supplied or any other work done for government agencies and the Central Public Sector Enterprises (CPSEs).
The move is a part of planned measures the government is undertaking to boost spending and in turn revive the slowing economy.
The announcement came after her meeting with heads of central public sector enterprises where she reviewed Capital Expenditure (CAPEX) of the public sector undertakings (PSUs). She also discussed pending payments and arbitration of the state-owned companies.
Sitharaman said all PSUs have been asked to set up a portal where service providers, vendors and contractors can track bills and payments so that liquidity crunch is mitigated.
A drive will be conducted between now and first week of October so that all requirements are met and payments are done before October 15, the Finance Minister said after the meeting.
Heads of Maharatnas and Navratnas CPSEs including Oil India, National Highways Authority of India (NHAI), Hindustan Aeronautics Limited (HAL), National Hydroelectric Power Corporation (NHPC), Coal India Limited (CIL), Indian Oil Corporation Ltd (IOCL), Oil and Natural Gas Corporation (ONGC), Power Grid Corporation of India, National Thermal Power Corporation (NTPC), Gas Authority of India Limited (GAIL), Hindustan Petroleum (HPCL), Hindustan Petroleum and Government e-Marketplace (GeM) were among those present at the meeting.
The PSUs also presented their Capital Expenditure (CAPEX) till August 2019 and explained their plans for the next two quarters.
Among the largest PSUs, ONGC has a CAPEX plan of Rs 32,921 crore for FY 2019-20. Its CAPEX till August 2019 was Rs. 8,777 crore which was 26.66% of the total planned CAPEX.
Indian Oil has a CAPEX plan of Rs 25,083 crore of which 8,173 crore (32%) has been spent. NTPC has made CAPEX of Rs 8,490 crore (42%) out of a plan of Rs 20,000 crore.
The CPSEs which participated in the meeting have plans of making capital expenditure of Rs 50,000 crore in the next quarter, a government statement said.
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