B'lore Metro gets 1,500 crore

B'lore Metro gets 1,500 crore

Japan consortium also sanctions additional loan

This budgetary allocation for Bangalore Metro is much higher compared to Delhi metro which will receive Rs 1,351 crore for the next fiscal. However, Chennai Metro rail will get Rs 2,160 crore for the year 2011-12. “The on-going metro projects in Bangalore, Kolkota and Chennai will be provided financial assistance for speedy implementation,” said Finance Minister Pranab Mukherjee in his Budget speech.

Of the total Rs 1,500 crore allocation to Bangalore metro, the equity of the Union Ministry of Urban Development will be Rs 500 crore, externally aided assistance Rs 790 crore and subordinate debt Rs 210 crore for 2011-12. This year’s budgetary allocation is substantially higher compared to current fiscal ( 2010-11) Rs 576 crore, including Rs 100 equity, Rs 451 crore externally aided assistance and Rs 25 crore from subordinate debt.  

Commercial operations

Phase I of the Bangalore Metro project with a length of 42.3 km will be completed by June 2013 and Reach I from Byappanahalli to M G Road may be opened for commercial operations in the first week of April.  

Phase II of Bangalore Metro of six lines covering a distance of about 71 km has been approved in principle by the government. For completion of phase I of Metro, Rs 683 crore has been provided during 2011-12 by the State Government in its budget, sources in the Union Ministry of Urban Development told Deccan Herald.

Bangalore metro project is a joint venture between the Centre and State government.  In addition, the Japan International Corporation Agency (JICA) has communicated a sanction of an additional 19 billion Yen, approximately Rs 1,054 crore to Phase I on Namma Metro, the Bangalore Metro Rail Corporation Limited (BMRCL) said in a statement.

“This is a sovereign loan (30 years) given at the rate of 1.4 per cent per annum,” the release added. The JICA has already sanctioned 44.7 billion Yen, approximately Rs 2,200 crore for the project.

Other allocations        

The finance minister allotted Rs 166 crore for 2011-12 against Rs 140 crore in 2010-11 to Bangalore-based Nimhans. He allotted Rs 41 crore for Mysore-based All India Institute of Speech and Hearing while Rs 106 crore was allotted for Coffee Board.

Though in 2010-11 the Centre has allotted Rs 339 crore to the Coffee Board, it was mainly for disbursal to planters under the debt relief package.

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