SRINAGAR: A high-powered committee constituted has cleared 2367 languishing projects for funding by the Jammu & Kashmir Infrastructure Development Finance Corporation (JKIDFC).
According to documents in possession of news agency—Kashmir News Observer (KNO), the panel has approved 2367 projects involving expenditure of Rs 7152.49 crore for funding under the scheme unveiled in 2018.
“JKIEDFC till date has raised loan of Rs 1500 crore, out of which 1392.27 crore disbursed towards 1598 projects,” reads the documents.
The high-powered panel is headed by the Financial Commissioner, Finance department and comprises senior bureaucrats. It is empowered to approve funding for the projects whose completion has been affected due to dearth of funds.
After the imposition of Governor’s rule in June 2018, the government identified over 6000 languishing projects. In September 2018, the government incorporated JKIDFC with a mandate to raise loans for financing 6000 projects for an amount of Rs 8000.00 crore which have been started way back without resources and were termed as languishing projects for specific attention.
Under the scheme, the documents reveal, the projects are being completed within two to three years’ time which have been languishing for more than 10-15 years without putting additional burden on the government exchequer. “This has been possible by creation of additional revenue stream of Rs 800 crore over two years identified for servicing of debt raised by the Corporation and accrual of last year is more than the required amount for debt servicing,” the documents state.
The government further claims that more than 2300 projects are going to be completed in not more than three to four years’ time through this unique initiative.