Approves 86 new roads, improvement of 32 existing roads, 2 pesticide testing laboratories
By: Ibni Maqbool
Srinagar: In a significant move aimed at fast-tracking the development process in Jammu and Kashmir, the National Bank for Agriculture and Rural Development (NABARD) has sanctioned three key projects in the Union Territory worth Rs 422 crore.
An official told The Precious Kashmir that NABARD has sanctioned three Rural Infrastructure Development Fund (RIDF) projects in J&K for Rs 422.25 crore. “The projects include construction of 86 new rural roads, improvement of 32 rural roads and setting up of two pesticide testing laboratories,” he said, adding that NABARD has so far sanctioned Rs 1380 crore projects for J&K out of Rs 1500 crore committed.
The official said that a five-year development package prepared by NABARD is being implemented in J&K for accelerating the growth of its economy.
“The package is being implemented with enhanced support for rural infrastructure, creation of improved irrigation, better connectivity, safe drinking water etc.,” he said.
The official also disclosed that the development package and enhanced RIDF support to J&K came up for discussion during the Union Territory Level Bankers Committee (UTLBC) held in Jammu earlier this month.
“As an additional booster for J&K’s economic development, a special development package of Rs 25590 crore prepared by NABARD and enhanced RIDF support to the UT were also discussed during the meeting,” he said.
The meeting was attended by J&K’s LG Manoj Sinha, Deputy Governor Reserve Bank of India M K Jain, senior officials from Centre as well as J&K government and representatives of banks and financial institutions.
It is worthwhile to mention that the RIDF was set up by the Government of India in 1995-96 for financing ongoing rural Infrastructure projects. The main objective of the Fund, which is maintained by the NABARD, is to provide loans to state governments and State-owned corporations to enable them to complete ongoing rural infrastructure projects.
