Centre considers market borrowing for infrastructure projects

To ensure assured funds flow, the government is planning to set up a Special Purpose Vehicle to tap the market.

Published: 15th September 2017 09:44 PM  |   Last Updated: 15th September 2017 09:44 PM   |  A+A-

By Express News Service

NEW DELHI: With a view to bringing execution of urban infrastructure projects in the country on fast track, Ministry of Housing and Urban Affairs is considering market borrowings.  To ensure assured funds flow, ministry is planning to set up of a Special Purpose Vehicle to tap the market.

Minister of Housing and Urban Affairs Hardeep Singh Puri on Friday said that to overcome the severe infrastructure deficit accumulated over long years, huge order of investments is required. “To meet various contingencies and to ensure fund availability to meet the targets under new urban missions, we are thinking of mobilizing resources from the market. We have undertaken an assessment of requirement of funds till 2022 and likely flow of funds,” said the minister.

There are many flagship urban missions including ‘Smart City mission’ and ‘Housing for All’ which have been launched under the current NDA government however the progress is not as per the target.

While addressing at event ‘Public Affairs Forum of India’, the minister assured that the government will spare no efforts to realize a new Urban India and will work shoulder to shoulder with State and city governments in the true spirit of Team India.

Elaborating on the ongoing efforts to further improve urban governance, planning and execution, Puri said that a comprehensive evaluation of implementation and outcomes of Jawaharlal Nehru National Urban Renewal Mission (JNNURM) will be undertaken which will serve several purposes, it being the first concerted effort to make a difference in urban sector. He said “The terms of evaluation will cover the extent of realization of stated goals of JNNURM, an assessment of improvement in urban governance further to implementation of reforms, identification of lacunae and reasons for shortfall in physical and financial progress. This evaluation will provide useful guidance to city and State Governments in the context of current thrust on urban rejuvenation”.

JNNURM was implemented during the period 2005-14, before it was wound up by the previous government. This government, however, continued to finance some of the incomplete projects based on certain criteria, to enable their completion.

Referring to the impact on the ground of new urban missions, Puri said that though the new Missions like Smart City Mission, AMRUT and Pradhan Mantri Awas Yojana (Urban) were launched only a little over two years back, substantial work is being executed on the  ground with hundreds of projects under implementation. He asserted that visible impact will be visible in the next few months and expressed confidence that targeted outcomes will be achieved within given time frames.

Elaborating on the paradigm shift in urban development approach of this Government, the Minister said “The city level action plans for improving urban infrastructure under different new missions have not been drafted in Delhi. They all emanated from the ground level and are collective expression of the aspirations of the citizens and city governments. Ownership of these plans is with them and not with Delhi. So, they have the obligation of ensuring their timely implementation”.

Rs300 crore Plan for better solid waste management in Delhi

The minister said that a Rs 300 crore action plan will be chalked out for a visible improvement in Solid Waste Management in Delhi. Under the Plan, automated machinery, equipment and other systems will be procured for better collection, transport and storage of garbage, decentralized treatment and better maintenance of sewers and drains. Soon after assuming office, Puri raised the issue of garbage problem in the national capital during a discussion on Swachh Bharat Mission (Urban) in the Ministry on the fifth of this month and desired an action plan for improving the situation.

North, South and East Municipal Corporation of Delhi will spend Rs 100 crore each on procuring a total of 549 units of modern equipment. An assistance of Rs 80 crore will be provided to each MCD from the Urban Development Fund. All equipment including treatment plants are to be procured and commissioned by the end of this year.

This initiative will quickly add a waste treatment capacity of 670 metric tons of bio-degradable waste besides preventing release of foul gases, smell and proliferation  of germs, pathogens, pests etc.

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