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Telangana Govt to ensure bank fund flow to irrigation projects
To reduce financial burden in view of the proposed substantial increase of fund allocations for welfare and development programmes in the next financial year, state government has decided to borrow money from financial institutions for the construction of all irrigation projects in 2017-18 .
Govt accepts the irrigation department demand of the budget proposal for over Rs 26,000 crore in the new financial year
​Hyderabad: To reduce financial burden in view of the proposed substantial increase of fund allocations for welfare and development programmes in the next financial year, state government has decided to borrow money from financial institutions for the construction of all irrigation projects in 2017-18 .
Just as how Mission Bhageeratha and the two bedroom schemes were taken up with external funds, government now wants to borrow money from the banks for irrigation projects through Kaleswaram Irrigation Project Corporation Limited and Telangana Water Resources Development Corporation.
While the Kaleswaram Corporation has already entered into agreement with Andhra Bank seeking Rs 1,900 crore for Kaleswaram lift irrigation project recently, the newly constituted Telangana Water Resources Development Corporation would raise funds required for all major and medium projects from this year.
A Special Purpose Vehicle (SPV) would be constituted under the corporation to comply with the requirements of financial institutions and also mobilise resources within timelines and take measures necessary for the utilisation of resources. The SPV would also access funds from other sources such as debt, loans, user charges, taxes, surcharges, etc.
The top officials of the state irrigation department told The Hans India that the government accepted the demand of the department of the budget proposal for irrigation projects for over Rs 26,000 crore in the new financial year . Government also informed the department that the two corporations would have to raise funds to meet the demand as state would be burdened with increased expenditure on welfare schemes in the next financial year. Sources said that even if the government allocates over Rs 26,000 crore for irrigation, it may not release more than 40 per cent of it if past experience is any indication.
As the government targets to complete all the ongoing projects by 2018 end, officials said that Rs one lakh crore would be required to complete the construction of the projects . At present, 20 major irrigation schemes including Palamuru – Ranga Reddy lift irrigation project, Singur, Lower Penganga, modernisation of Nagarjuna Sagar project and Nizamsagar project are at different stages.
Another 34 medium project works including Komaram Bheem project, Lendi , Ralivagu, Neelwai and Gollavagu projects are at different stages of completion. The total expenditure incurred on all ongoing projects till December 2016 was Rs 54,737 crore, sources added.
