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GoI likely to release withheld Rs 300 cr under NABARD Slight reprieve to cash starved State 3/19/2015 11:49:29 PM Arun Singh Early Times Report Jammu, Mar 19: After facing unprecedented financial crunch, the State government is likely to get withheld loan to tune of Rs 300 crore for the financial year 2014-15 under National Bank for Agriculture and Rural Development (NABARD) by Government of India, as the current fiscal comes to a close. Sources told Early Times that while state is passing through pressing financial constraints; the release of Rs 300 crore under NABARD will offera slight reprieve for the State when just a week is left for the completion of current financial year. Several projects under NABARD for the current financial year could not be taken off due to non release of Rs 300 crore by NABARD. They further said that this year the ceiling fixed by State Government was Rs. 300 Crores for the financial year 2014-15 which were to be released by NABARD for execution of roads and bridges in rural areas. "NABARD provides loan to various State Governments under Rural Infrastructure Development Fund (RIDF) head, for completion of ongoing or new infrastructure projects in rural areas according to the ceiling fixed by the state government," they added. Sources further informed that the reason behind the delay in releasing of funds under NABARD has been attributed to poor the performance of previous government in utilization of the funds within stipulated time period. As a result state government also miserably failed to increase its ceiling for the loan under NABARD, they added. Meanwhile the liabilities of contractors, who had executed various works under NABARD in the last four years, have reached to several hundred crores. With the failure of State Government to enhance ceiling, no new road or bridge construction project in any rural area have been taken up for ongoing financial year under NABARD", sources said, adding that if State Government would enhance the ceiling, the state would have been in a position to take some projects from various districts, they added. It is pertinent to mention here that NABARD, following the direction from Government of India, set up Rural Infrastructure Development Fund (RIDF) in 1995-96, to extend financial assistance to the State Governments, Government owned Corporations, Grama Panchayats, Self Help Groups and Non Government Organisations for completing ongoing or new infrastructure projects in rural areas.   Share This News with Your Friends on Social Network     Comment on this Story

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