Vast population starts reaping benefit of special initiative
*Rs 349 cr addl revenue generated for repayment of loans
JAMMU, Aug 9: Finally, the Government of Union Territory of Jammu and Kashmir has completed over 600 projects of immense public importance whose fate was hanging in balance during the period between five and 25 years by spending whopping amount of Rs 775 crore.
Moreover, the Government has generated additional revenue to the tune of Rs 349 crore for the repayment of loans taken from different financial institutions to fund the languishing projects through the Jammu and Kashmir Infrastructure Development Finance Corporation.
This Corporation was established as per the decision taken by the State Administrative Council (SAC) on September 5, 2018 to provide fillip to the developmental activities across Jammu and Kashmir. Moreover, the Corporation was authorised to raise a loan not exceeding Rs 8000 crore from various financial institutions for completion of large number of languishing projects.
This decision was taken after Government noticed that large number of projects are either inadequately funded or have been left incomplete due to one or the other reason thereby blocking funds already spent on them and resulting into cost escalation and time overrun.
As per the official figures available with EXCELSIOR, over 600 projects of immense public importance funded by the Jammu and Kashmir Infrastructure Development Finance Corporation during the financial year 2019-2020 have been completed at the cost of Rs 775.78 crore.
Out of these, four projects completed were languishing for more than 20 years while as 16 projects for more than 15 years. Similarly, 91 projects were languishing for more than 10 years, 228 projects for more than five years and 267 projects up to five years. These projects include extension of roads, bridges and water supply schemes etc thereby helping in meeting basic needs of the people and improving their quality of life.
The figures further reveal that 267 projects which were languishing for less than five years have been completed at the cost of Rs 111.56 crore while as 228 projects languishing for more than five years have been completed by spending Rs 439.49 crore. Similarly, 91 projects whose fate was handing in balance for more than 10 years have been completed by infusing Rs 170.12 crore.
Moreover, 16 projects languishing for more than 15 years and 4 projects languishing for more than 20 years have been completed by spending Rs 37.60 crore and Rs 16.91 crore respectively.
The high-value projects which were languishing for more than 20 years but have been completed now are road from Dera Baba to Bamyalbia Kanji in Udhampur, upgradation of Tikri-Chanas road in Reasi, construction of road from Karwa to Kotli in Reasi and Banihal-Lamber road in Ramban.
Similarly, the high-value projects whose fate was hanging in balance for more than 15 years and have been completed in all respect now are 300 TPD clinker-grinder-cum-packaging unit in Samba, upgradation of Parnalla Seri Mooni Plail Banhore road in Kathua, Ransoo to Kotla road in Reasi, Kanah Chargal to Dhoon road in Jammu, Sulari link road in Kathua and upgradation of road from Bhagtha to Manoon.
The high-value projects which were languishing for more than 10 years but have been completed after funding through JKIDFC are 400 flats at Pampore, upgradation of revenue complex road Jammu, construction of steel trussed girder bridge over Shaliganga nullah in Budgam and completion of water supply scheme Nadian Rajouri.
Widening of road from Rajouri to Baba Ghulam Shah Badshah University, sewerage scheme for Patnitop, motorable bridge on Kogha Thali road and over Bareri Nullah are among the projects whose fate was hanging in balance during the past more than 5 years but have been completed.
“In order to meet debt obligations of financial institutions for the repayment of loans, the Jammu and Kashmir Infrastructure Development Finance Corporation has generated additional repayment stream without stressing resource base of the Government by levy of additional taxes and user changes”, sources said.
They disclosed that the Corporation has generated additional revenue to the tune of Rs 349 crore during the previous financial year. Of this, Rs 116 crore has been generated through revision of taxes on diesel/motor spirit, Rs 150 crore through increase in road taxes, Rs 61 crore by improving collection of water connection charges and Rs 22 crore by way of toll on tobacco.
The prestigious projects which are under implementation are industrial estate at Kathua, Jambu Zoo, BPOs across J&K, EDI campus at Bari Brahamana, augmenting health infrastructure in hospitals across J&K, Women Entrepreneurship Development Centre Jammu and drilling of hand pumps across Kashmir etc.