Major central public sector enterprises (CPSEs) invested Rs.1.11 lakh crore in the Indian economy last fiscal and a target of Rs.1.41 lakh crore has been set for the current fiscal, the Prime Minister's Office (PMO) said Monday.
The PMO has been monitoring the the investment plans of 17 major CPSEs since 2012-13 financial year to enhance investment in the economy by utilising substantial cash surpluses that are available with CPSEs.
"In FY 12-13, the CAPEX (capital expenditure) plans of 17 CPSEs were identified for close monitoring. The CAPEX target for these CPSEs was Rs.141,389 crore. The CPSEs achieved almost 80 percent of the target," the PMO said in a statement.
"This performance has to be seen in the context of the significant enhancement in CAPEX plans compared to earlier years and the problems many faced on clearances."
According to the statement, in a meeting held this afternoon at the PMO six more CPSEs were added to the list of existing 17 companies and a target of Rs.1.41 lakh crore was set for the current fiscal.
"In the meeting, all the secretaries of the concerned departments and the CPSE CMDs (chairman-cum-managing director) were urged to work towards fulfilling and exceeding these targets as this was extremely important for the economy," the statement said.
The statement further said that the PMO will monitor the progress in achieving investment targets on a quarterly basis to ensure no slippages occur.
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"In case of any issue relating to clearances, CPSE CMDs were asked to bring these to the notice of the cabinet committee on investment," the statement said.
The statement added that Neyveli Lignite Corporation, Power Grid, Indian Oil, NTPC, ONGC, Oil India, Coal India and NHPC accounted for over Rs. 90,000 crores of the final CAPEX achieved in 2012-13.
The 23 companies selected include ONGC, Oil India, GAIL, Indian Oil, SAIL, NMDC, Powergrid, CONCOR, NALCO, BHEL, BEL and Rashtriya Ispat Nigam among others.