In an attempt to kick start a slowing economy utilising the substantial cash surpluses that are available with some public sector companies, the Prime Minister’s Office (PMO) on Monday set an investment target of Rs 1,41,912 crore for major central public sector enterprises (CPSEs) to drive economic growth during 2013-14.
The PMO has been monitoring the CAPEX and investment plans of selected central public sector enterprises since FY 12-13. Its review revealed that in the last fiscal (2012-13), when the capital expenditure plans of 17 CPSEs were set at Rs 141,389 crore, the CPSEs achieved Rs 1,11,913 crore which is almost 80% of the target.
A PMO’s statement said Neyveli Lignite Corporation, Power Grid, Indian Oil, NTPC, ONGC, Oil India, Coal India and NHPC accounted for over R90,000 crores of the final CAPEX achieved in 2012-13.
For 2013-14, the PMO has added seven more PSUs to the list of 17 PSUs that were monitored in 2012-13.
The statement also said the PMO will monitor the progress in achieving investment targets on a quarterly basis to ensure no slippages occur. “The progress in achieving these targets would be monitored on a quarterly basis by the PMO to ensure that there are no slippages,” the PMO’s statement said.
The 23 companies selected include ONGC, Oil India, GAIL, Indian Oil, SAIL, NMDC, Powergrid, CONCOR, NALCO, BHEL, BEL and Rashtriya Ispat Nigam among others.