By: Ibni Maqbool
Srinagar,: As many as 1193 development projects have been completed under the “languishing projects programme” in Jammu & Kashmir Union Territory after its roll-out in 2018.
Documents in possession of The Precious Kashmir reveal that 1193 projects worth Rs 1984 crore have been completed by different executing agencies and departments under “languishing projects programme” in the UT.
“Under languishing projects programme, 1193 projects worth Rs 1984 crores were completed, including five projects which were incomplete for more than 20 years, 15 projects for more than 15 years and 165 projects for more than 10 years,” reads the documents.
The Jammu and Kashmir Infrastructure Development Finance Corporation Limited was set-up in 2018 to fund languishing projects in J&K
After identification of over 6000 languishing projects in July 2018, Government of Jammu & Kashmir came up with a creative idea of establishing Jammu & Kashmir Infrastructure Development Finance Corporation (JKIDFC) to raise loans up to Rs 8,000 crore to fund completion of these projects.
The State Administrative Council on 05-09-2018 approved setting up of JKIDFC with an authorized capital of Rs 50 lakh for raising loans from financial institutions including state/nationalized for completion of unfunded/ languishing projects in the State.
As per SAC decisions, the J&K’s Finance department shall provide a counter guarantee to the company for raising loans.
A high-powered committee was also set-up under the ambitious programme for approving projects to be funded under the initiative and finalizing the amounts to be released in phased manner.
Headed by administrative secretary Finance department, the committee comprises administrative secretaries of Planning Development &Monitoring Department, Roads & Buildings, Jal Shakti and concerned department.
