Min­istries, Depts Told to Get Crack­ing on Bud­get Moves

The Economic Times - - Economy: Macro, Micro & More - Deepshikha.Sikar­war @times­group.com

New Delhi: A day af­ter the bud­get, fi­nance min­istry has shot off a let­ter telling min­istries and de­part­ments to get crack­ing with the ex­e­cu­tion of the bud­get pro­pos­als.

The let­ter asks all sec­re­taries to start the process of im­ple­men­ta­tion of bud­get pro­pos­als, es­pe­cially the ones that need pol­icy changes, such as merger of oil com­pa­nies.

Other changes that re­quire at­ten­tion in­clude the abo­li­tion of For­eign In­vest­ment Pro­mo­tion Board, le­gal changes to con­fis­cate the as­sets of big of­fend­ers, amend­ments to the Pay­ment and Set­tle­ment Sys­tems Act, 2007, and more for­eign di­rect in­vest­ment pol­icy re­forms.

The gov­ern­ment is keen to get the pro­grammes go­ing with the very start of the new fis­cal. This year the gov­ern­ment has ad­vanced the pre­sen­ta­tion of the bud­get by a month to en­sure that the bud­get process is com­pleted be­fore the new fi­nan­cial year starts.

“This would en­able the min­istri- es and de­part­ments to op­er­a­tionalise all schemes and projects, in­clud­ing the new schemes, right from the com­mence­ment of the next fi­nan­cial year. They would be able to fully utilise the avail­able work­ing sea­son be­fore the on­set of the mon­soon,” fi­nance min­is­ter Arun Jait­ley said in his bud­get speech. The gov­ern­ment has this year also brought out for the first time a con­sol­i­dated out­come bud­get cov­er­ing all min­istries and de­part­ments. Spend­ing by min­istries as also im­ple­men­ta­tion on the ground of an­nounce­ments would be mon­i­tored closely not just by the fi­nance min­istry but also by the prime min­is­ter's of­fice.

The gov­ern­ment is keen that de­part­ments that deal with in­fra­struc­ture cre­ation need to en­sure im­ple­men­ta­tion at the ground level. The fi­nance min­istry will hold monthly re­view meet­ings for this pur­pose.

Gov­ern­ment is keen to get the pro­grammes go­ing with the very start of the new fis­cal year

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