JK: Rs 460 cr from NABARD for rural development

Srinagar, May 25: Jammu and Kashmir has received Rs 460 crore for execution of various projects under Rural Infrastructure Development Fund (RIDF) from NABARD during the last fiscal.

The state also availed a loan of Rs 182 crore against the target of Rs 282 crore fixed by the bank during the period.

This was revealed at a high level meeting attended by representatives of NABARD and Minister of Finance and Planning Tariq Hamid Karra here today.

NABARD Chairman Y S P Thorat was also present at the occasion.

The meeting was informed that the sectors which received support from NABARD included roads and bridges, irrigation, drinking water supply and social sector.

However, a number of projects costing Rs 1,200 crore are still pending with NABARD and the bank has been requested to consider enhancement in allocations so that all pending projects are financed and completed well in time.

The bank was also requested to fund two districts one in each Kashmir and Jammu divisions for development of infrastructure and provide consultancy in venture capital funding in the state.

It was also decided that the state government would soon work out a plan for infrastructure development in other emergent areas and suitable bankable proposals will be submitted to the bank for availing loans under RIDF.

The minister briefed the team about the major fiscal decisions taken by the government for overall development of the state.

He asked the team that the state government needs special package like North East states owing to its heavy loss of infrastructure by militant activities.

UNI