STOCK MARKET BSE NSE

Government takes steps to expedite works on Palamuru-Rangareddy project

The government is all set to raise Rs 10,000 crore loan in first instalment this year.

Published: 27th April 2019 10:51 AM  |   Last Updated: 27th April 2019 10:51 AM   |  A+A-

Administrative approval for Palamuru project was given in June 2015 | Express

By Express News Service

HYDERABAD: After making a major headway in the construction of Kaleshwaram Lift Irrigation Scheme (KLIS), the State government is now focusing on the construction of Palamuru-Rangareddy Lift Irrigation Project. For expediting the works on Palamuru-Rangareddy project, the State government is all set to raise `10,000 crore loan in first instalment this year.

The State government will borrow money from the Power Finance Corporation (PFC). The State government is also likely to raise loans from commercial banks for the purpose, the official sources said.
“We are in touch with the bankers. We will raise `10,000 crore loan for Palamuru-Rangareddy project,” a senior official told Express on Friday.

Instead of creating another corporation for the Palamuru project, the State government has recently linked the project with Kaleshwaram Irrigation Project Corporation Limited (KIPCL). Chief engineer of Palamuru project would be on the board of KIPCL.

Bankers meet CS

The State government had accorded administrative approval for Palamuru-Rangareddy project in June 2015 with an outlay of `35,200 crore. However, the cost may go up as the construction was delayed due to court cases. The State government has already spent around `6,800 crore for land acquisition. According to official sources, the works on Package 1 to 18 of the project are currently in progress.  

Meanwhile, the consortium of bankers of Mission Bhagiratha held a meeting with Chief Secretary SK Joshi on the progress of the project.According to sources, the bankers wanted the government to submit the report on the status of Mission Bhagiratha.

The State government had already submitted the report prepared by the WAPCOS for execution of Mission Bhagiratha. Now, the bankers have asked the government to submit the report on the progress of the project too.

Aasara pension

Meanwhile, the proposal for implementation of revised Aasara pensions from April was sent to the government. The Aasara pension will be hiked from the present `1,000 to `2,016 and persons with disabilities would get `3,016 against the existing `1,500 from April.However, the April pension will be paid to more than 42 lakh beneficiaries in May.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp