Coal sector PSUs such as Coal India Ltd and NLCIL have surpassed the annual target of 21,030 crore capital expenditure (CAPEX) fixed for the current financial year ending on March 31, 2024 with a total investment of Rs 22,448.24 crore at the end of February, the Coal Ministry said on Saturday.
The record level of productive investment which works out to 106.74 per cent of the target has a multiplier impact on the overall economy as it creates more employment and boosts demand in other sectors of the economy as well which spurs growth.
“With major CAPEX investments materialising in the last two months of the fiscal year, it is anticipated that both CIL and NLCIL will add to their achievement, further bolstering India's economic growth trajectory,” the Coal Ministry said.
The coal PSUs have also achieved an asset monetisation of Rs 55148.33 crore till February this year to outperform the target of Rs 50,118 crore fixed by the government for monetising unutilised assets during 2023-24.
The Coal PSUs have also taken the lead with procurements worth Rs 88,518 crore through the government’s e-marketplace (GeM) which is 415 per cent of target of Rs 21,325 crore. The GeM procurement is being promoted by the government to enable transparent purchases that ensure a lower price and weed out corruption.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.
India’s GDP growth to hold steady in FY25, likely to clock 6.7 pc in FY26
India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.
Sensex closes at 82,133 after 2,000 pts rally from day low
According to the experts, "Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, an expectation of an increase in the US spending is propelling the IT sector."