BENGALURU: A total of Rs 1,350 crore has been announced in the Union Budget for the 148-km Bengaluru Suburban Rail Project (BSRP) with the Railways set to fund Rs 450 crore and the remaining to be mobilised through other sources. However, not a single rupee has been released by the Centre from a similar sum earmarked for the project in the previous financial year too, sources said.
The state is expected to announce funds on similar lines in its upcoming budget on February 17 as the Rs 15,767 crore project, being implemented by the nodal agency, Karnataka Rail Infrastructure Development Enterprises (K-RIDE), is a joint venture between the Karnataka government and the Railway Ministry. The funding pattern is on the lines of 20% each by the two governments with 60% to be mobilised through other revenue streams.
The Union Budget for 2023-2024 has specified that Rs 900 crore will be mobilised through internal and external budgetary resources. Asked to specify details, a top source said the exact details are still being worked out.
“Railways has large parcels of land across its South Western Railway Zone. They have been handed over to the Rail Land Development Authority. We will most probably mobilise our resources through them,” he said. Another option is by taking loans from LIC or other government agencies.
However, the shocking part is that with the present financial year set to conclude within two months, the Railways has not even released a single rupee of the Rs 450-crore fund promised for the ongoing financial year (2022-2023).
Asked about the reasons for the delay, a source said, “Files have been moving to and from across the Railways, the Constructions Division, the Headquarters at Hubballi and the Railway Board. We have been told to raise the authorised share capital of K-RIDE from Rs 100 crore to Rs 5,000 crore. Only if that is done would we be able to take on board funds above Rs 100 crore.”
It was a long process involving documentation at various levels and it has been finally completed three weeks ago, he added.