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The Cabinet on Wednesday gave its approval for raising Extra Budgetary Resources of up to ₹9,020 crore during the financial year 2017-18.
An official statement said that the funds will be raised by the National Bank for Agriculture and Rural Development (NABARD) through the issuance of Bonds at 6 per cent per annum as per requirement.
These funds will be for the implementation of Accelerated Irrigation Benefits Programme (AIBP) works of 99 ongoing prioritised irrigation projects along with their command area development (CAD) works under the Prime Minister Krishi Sinchayee Yojana (PMKSY).
An official statement said that a large number of major and medium irrigation projects taken up under the Accelerated Irrigation Benefit Programme (AIBP) were languishing mainly due to inadequate provision of funds.
Reservoir projectThe Cabinet also approved the completion of remaining work at the North Koel Reservoir Project. The project in Jharkhand and Bihar will be completed at an estimated expenditure of ₹1,622.27 crore that will be incurred during three financial years from the start of the project.
An official statement said the construction was originally started in 1972 and continued till 1993 when it was stopped by the Forest Department of Bihar. Since then, there has been no work on the dam. The total cost of the project is ₹2,391.36 crore.
An expenditure of ₹769.09 crore has been incurred on the project till date. The balance amount has been approved for disbursal after the Cabinet’s nod. The execution of the project will be monitored by an Empowered Committee headed by the CEO of NITI Aayog.
The Cabinet also approved the creation of seven posts of Principal Director and 36 posts of Director on regular basis in the Armed Forces Headquarters Civil Service.
An MoU between India and Sweden on Intellectual Property Rights also got the Cabinet’s assent.
The Cabinet Committee on Economic Affairs approved the closure of Andaman & Nicobar Islands Forest and Plantation Development Corporation Limited (ANIFPDCL).
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