Union finance minister Nirmala Sitharaman announced on Saturday that 240 Public sector companies have promised to spend up to One lakh crore rupees to stabilize Indian economy.
The announcement comes under mounting pressure on the government to cut the personal income tax rates and give money in the hands of individuals to spend. The decision came after the finance minister reviewed the capital expenditure plan of 32 PSU units in a meeting with them on Saturday.
PSU giant ONGC alone has a capital expenditure plan of Rs 3,2921 crore for the current fiscal, its Capex till August had been Rs 8,777 crore which was 26.66% of the total planned Capex.
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