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Expect good pick up in capex if there are no COVID related restrictions: TV Somanathan

videos | Feb 1, 2022 8:19 PM IST

Expect good pick up in capex if there are no COVID-related restrictions: TV Somanathan

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Finance Minister Nirmala Sitharaman unveiled her fourth Union Budget for the fiscal year 2022-23. The Budget outlined the government’s clear intent to push capital spending and infra in the economy.

Finance Minister Nirmala Sitharaman unveiled her fourth Union Budget for the fiscal year 2022-23. The Budget outlined the government’s clear intent to push capital spending and infra in the economy.

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TV Somanathan Finance Secretary said, “From our point of view, in budgeting, we are making sure that the allocations are provided well in advance of the financial year. This enables spending departments to plan the way they spend it. But there have been difficulties like in the current financial year, we lost two months due to the second wave. So what happens next year, will be influenced by what happens on the health front.”
He added, “We assume that there are no repetitions of that kind of restrictions on activity, then I think we are in a good position to see a good pickup in capital expenditure next year.”
On divestment of BEML and Shipping Corporation, Tuhin Kanta Pandey, Secretary of Department of investment and public asset management (DIPAM) said, “BEML and Shipping Corporation they are at very advanced stage of coming for bidding. After we do the bids and we finally declare that deal then we will go for an open offer and that kind of thing. So, hopefully, we should be able to get the financial bits soon, for the BEML, and Shipping Corporation of India.”
For full interview, watch accompanying video...
For full coverage of Union Budget 2022, click here
For all the latest updates on Union Budget 2022, follow our LIVE blog here
 
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