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Telangana seeks 6,700 crore for irrigation projects
The Centre on Wednesday reacted favourably to the plea of the Telangana Government for the release of Rs 6,700 crore for the completion of eleven projects, including Devadula.
​New Delhi: The Centre on Wednesday reacted favourably to the plea of the Telangana Government for the release of Rs 6,700 crore for the completion of eleven projects, including Devadula.
This was disclosed by Irrigation Minister T Harish Rao after a review meeting on the status of irrigation projects with the sub-committee of Prime Minister Krishi Sinchayi Yojana (PMKSY) on Wednesday. The committee deliberated on the measures to be adopted to speed up the completion of projects in the country.
Among the key decisions taken by the committee were extending interest-free loans to the States for completion of projects in time and lending funds to the States within one week of the MoU being signed between the Centre and the States. Towards project expenditure 60 per cent of the project cost is to be extended as grant.
“Over and above this 60 per cent, NABARD is to extend loans with the Centre as guarantor,” Harish Rao told media after the meeting.
He said the details of the MoU would be forwarded to the States within ten days. The Centre had lent Rs 6,000 crore to NABARD and this would be given as loans to the States with Centre's assurance and guarantee, he said.
The rate of interest should be confined to 4.5 per cent on these loans, he said. Those who complete their projects in three years would get the benefit of not paying the interest.
But if it exceeded the deadline, then such States would have to bear the interest burden too. Among the concessions being planned was to extend loans immediately if the project cost was within 20 per cent of the total cost.
