Public Sector Undertakings invest Rs 502 bn in April's capex

13 May 2024 CW Team

An official mentioned that large public sector companies had allocated slightly more than Rs 502 billion for capital expenditure in April FY25 alone, constituting almost 6.5% of their total fiscal target of nearly Rs 7.8 trillion. The official noted that this rate was slower compared to the Rs 541.77 billion spent in April FY24, which accounted for about 7.3% of the annual budget target of over Rs 7.4 trillion. They added that the capital expenditure spending was expected to increase in the future, also stating that the April figures were still provisional and would likely increase in the final revised numbers.

During the first month of the 2024-25 fiscal year, the capital expenditure was primarily driven by the railways, road, and oil and gas sectors. It was reported that the Indian Railways and sector PSUs collectively spent Rs 266.41 billion in April, with the National Highways Authority of India (NHAI) spending Rs 66.45 billion. Among the oil and gas sector PSUs, ONGC incurred a capital expenditure of Rs 23.18 billion, while Indian Oil Corporation (IOC) spent Rs 24.23 billion during the same period.

Hindustan Petroleum and Bharat Petroleum reported expenditures of Rs 11.55 billion and Rs 4.17 billion, respectively, for April. Additionally, the power sector PSU NTPC spent Rs 20.83 billion.

The finance ministry monitors the capital expenditure of public sector undertakings (PSUs) with an annual investment target exceeding Rs 1 billion. The Interim Budget for 2024-25 set a cumulative capital expenditure target of over Rs 9 trillon for all public sector undertakings. Of this amount, approximately Rs 7.8 trillion is earmarked for PSUs with an annual capital expenditure target exceeding Rs 1 billion. In the fiscal year 2023-24, large PSUs surpassed the Budget target by spending around Rs 8.1 trillion on capital expenditure.

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