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HPC clears 315 languishing projects worth Rs 812cr for funding

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556 projects involving cumulative funding of Rs 1382 cr approved till date: Navin Choudhary

SRINAGAR, OCTOBER 10: The second meeting of the High-Powered Committee (HPC) constituted for ensuring assured funding of languishing projects to complete them in set timeframe was held here today. The meeting was chaired by Principal Secretary, Finance, Navin K Choudhary, who is also the Chairman of the Committee.

Giving details, Principal Secretary Financesaid the Committee in today’s meeting cleared 315 projects of PHE, Tourism, R&B, Health and Industries and Commerce Departments involving an amount of Rs 812 crores.

Principal Secretary, Planning, Development and Monitoring, Rohit Kansal; Principal Secretary, Industries and Commerce, Shailendra Kumar; Commissioner/Secretary, PWD, Khurshid Ahmed Shah; Secretary, PHE/I&FC and DMRRR, Farooq Ahmed Shah; Secretary Tourism Department, Rigzin Sampheal and other officers of the Finance Department and Chief Engineers of various departments attended the meeting.

Navin said the approved projects would be funded for time-bound completion through Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC) Ltd.

The Committee, he said, approved funding of 221 Water Supply Schemes across the State for an amount of Rs 459 crores which will be completed within a year’s time and will make a marked difference on the ground so far as drinking water supply is concerned. Remaining 150 schemes of PHE will be taken up in the subsequent meetings of the Committee when PHE department completes the required paper work.

The Committee also approved nine additional languishing projects of R&B department, requiring an amount of Rs 19.60 crore for completion.    In addition, the Committee cleared funding of different component of Mubarak Mandi Project involving an amount of Rs 65.38 crores for completion.

The Committee approved 48 incomplete projects of Health and Medical Education Department across the State for an amount of Rs 90.53 crores.  Further, the Committee approved 31 projects of Industries and Commerce Department for completion at a cost of Rs 178.61 crores which will give a boost to promotion of Industries in the State.

Pertinently, in its two meetings held so far, the High-Powered Committee has cleared 556 projects in various sectors across the State involving an amount of Rs 1382 crores.  The previous meeting of HPC was held on 3 October 2018.

The Principal Secretary Finance said the meetings of the HPC would be held at regular intervals to ensure early processing and approval of all such projects which are languishing for want of funds. He said the 3rd meeting of the Committee is scheduled to be convened on 22 October 2018.

Navin Chaudhary discusses financial restructuring of JKSPDCL

SRINAGAR, OCTOBER 10: Principal Secretary, Finance Department, Navin Kumar Chaudhary, today convened a meeting of officials of Jammu and Kashmir State Power Development Corporation Limited (JKSPDCL) to discuss the financial restructuring of the Corporation.

The meeting was attended by Commissioner Secretary PDD, Hirdesh Kumar, Director General, Perspective and Manpower Planning, Planning Development and Monitoring Department, Shahzad Bilal, Director Budget, Finance Department, Imtiyaz Hussain, Director Finance, PDD, Director Finance JKSPDCL and other concerned officials.

On the occasion, various issues were discussed threadbare regarding the Financial restructuring of JKSPDCL which includes liquidating the Power purchase liability of the PDD and infusion of fresh state equity into the JKSPDCL.

The valuation of token value assets of Rs one transferred by the PDD to JKSPDCL at the time of its incorporation, which had a value of Rs 916.54 crore, and treating the same as the state equity was also discussed in the meeting. Payment of surcharge receivable on outstanding power purchase liability from PDD also came up in the discussion.

The Principal Secretary Finance gave various on spot directions and asked the officials to implement them at an earliest.

Kashmir Images is an English language daily newspaper published from Srinagar (J&K), India. The newspaper is one of the largest circulated English dailies of Kashmir and its hard copies reach every nook and corner of Kashmir Valley besides Jammu and Ladakh region.

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