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State govt seeks speedy nod for Rs 245 bn project
Maharashtra Chief Minister Prithviraj Chavan urged the union government to appraise the proposed Rs 24,500-crore Colaba-Bandra-Seepz Metro project in Mumbai at the earliest and release funds.
The state government expects the project to take another three-four months to be cleared for funding. The Union finance ministry’s Public Investment Board (PIB) would assess the project before clearing infusion of funds.
In January, Chavan had written to the PM requesting that a meeting of PIB be called soon to discuss the project.
With the central government changing the procedure to assess mass transit projects, some observers expect delay in the implementation of the project.
According to the new procedure, the proposal would be first vetted by an empowered committee under the Cabinet Secretary and then cleared by an empowered group of ministers.
The state government would be able to finalise a loan agreement with the Japan International Cooperation Agency (JICA) only after the project is cleared by the central government.
JICA had, last year, agreed to provide a loan for nearly 50 per cent of the project cost at an interest rate of 1.4 per cent payable over 30 years.
Maharashtra Chief Minister Prithviraj Chavan urged the union government to appraise the proposed Rs 24,500-crore Colaba-Bandra-Seepz Metro project in Mumbai at the earliest and release funds. The state government expects the project to take another three-four months to be cleared for funding. The Union finance ministry’s Public Investment Board (PIB) would assess the project before clearing infusion of funds. In January, Chavan had written to the PM requesting that a meeting of PIB be called soon to discuss the project. With the central government changing the procedure to assess mass transit projects, some observers expect delay in the implementation of the project. According to the new procedure, the proposal would be first vetted by an empowered committee under the Cabinet Secretary and then cleared by an empowered group of ministers. The state government would be able to finalise a loan agreement with the Japan International Cooperation Agency (JICA) only after the project is cleared by the central government. JICA had, last year, agreed to provide a loan for nearly 50 per cent of the project cost at an interest rate of 1.4 per cent payable over 30 years.