Steps taken for revival of infrastructure sector on back of pandemic: MoS
Published: Jul 21, 2021
By TIOLCORPLAWS News Service
NEW DELHI, JULY 21, 2021: THE Government is taking various measures to ease out liquidity and steep increase in commodity prices and its impact on infrastructure on the back of COVID-19 pandemic. This was stated by Minister of State for Finance, Mr Pankaj Chaudhary in a written reply to a question in the Rajya Sabha yesterday.
The Minister stated that measures have also been announced in Aatma Nirbhar Bharat Package (ANBP) to provide support to sectors including infrastructure to mitigate the impact of COVID-19 pandemic. In the announcement made on 28th June, 2021 to give relief to the economy inter-alia Rs 1.1 lakh crore loan guarantee scheme for COVID-19 affected sectors and additional Rs 1.5 lakh crore for Emergency Credit Line Guarantee Scheme have been announced.
The Minister further said that the Government is periodically reviewing the capital expenditure (CAPEX) of Infrastructure projects in the country to strengthen economic growth. Ministries/Departments have been instructed to frontload the CAPEX spending of infra projects in order to provide boost to infrastructure sector.
The performance security requirement in Central Government contracts has been reduced from 10% to 3% for all tenders/contracts issued concluded till 31.12.2021 and requirement of bid security has been waived till the end of 2021, the Minister stated.