New Delhi: State-run oil companies have spent just a fifth of annual capital expenditure target of nearly Rs 1 lakh crore in the first four months of the year as the pandemic slowed down project execution and forced some firms to cut capex.
Of the Rs 98,522 crore targeted for 2020-21, oil companies spent Rs 19,569 crore in the April-July period, according to official data.
The government is pushing state-run firms to accelerate capital spending in a bid to revive the economy, which is facing a contraction due to Covid-19 and an extended lockdown. Finance minister Nirmala Sitharaman has been regularly monitoring the spending by state companies.
