Maha may borrow Rs 50,000 cr to complete irrigation projects

During the Congress-led UPA, Rs 1,500 crore had been allocated to Maharashtra alone, but Finance Minister Arun Jaitley provided only Rs 5,700 crore for PMKSY for the whole country in his budget, Chavan said.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
Real-time Stock quotes, portfolio, LIVE TV and more.
GeStepAhead SME Special
moneycontrol.com

Home » News » Economy

Mar 16, 2016, 07.50 AM | Source: PTI

Maha may borrow Rs 50,000 cr to complete irrigation projects

During the Congress-led UPA, Rs 1,500 crore had been allocated to Maharashtra alone, but Finance Minister Arun Jaitley provided only Rs 5,700 crore for PMKSY for the whole country in his budget, Chavan said.

Like this story, share it with millions of investors on M3

Maha may borrow Rs 50,000 cr to complete irrigation projects

During the Congress-led UPA, Rs 1,500 crore had been allocated to Maharashtra alone, but Finance Minister Arun Jaitley provided only Rs 5,700 crore for PMKSY for the whole country in his budget, Chavan said.

Post Your Comments

Share Cancel

Maha may borrow Rs 50,000 cr to complete irrigation projects
Maharashtra Water Resources Minister Girish Mahajan said the BJP-led state government may borrow over Rs 50,000 crore soon to complete the ongoing irrigation projects.

Speaking to media-persons, Mahajan said his department had spent its last year's allocation of Rs 7,200 crore to create 48,000 Ha land irrigation capacity.

"But this amount is not sufficient as we have incomplete projects worth Rs 90,000 crore and hence we have decided to prioritise the completion of last-mile projects (where 75 percent work is complete)," Mahajan said.

His department is considering borrowing Rs 50,000 crore to complete all such projects, he said, adding "we will get loan at a cheap interest rate".

However, former Chief Minister and Congress leader Prithviraj Chavan, who also took part in the interaction, said the government's intention was to stop all other projects and only focus on last-mile ones.

As to getting loans at cheap rate, Chavan said fluctuations in currency exchange rates affect the interest amount and it eventually rises.

Chavan also criticised the government for changing the name of Accelerated Irrigation Benefit Program (AIBP) to Pradhan Mantri Krishi Sinchai Yojana (PMKSY).

During the Congress-led UPA, Rs 1,500 crore had been allocated to Maharashtra alone, but Finance Minister Arun Jaitley provided only Rs 5,700 crore for PMKSY for the whole country in his budget, Chavan said.

Chief Minister Devendra Fadnavis should use his influence with the Prime Minister Narendra Modi and get an allocation of least Rs 1 lakh crore for agriculture and irrigation needs of Maharashtra, he said.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Maha may borrow Rs 50,000 cr to complete irrigation projects

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login