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| Rather reviews PM’s stimulus package | | |
Early Times Report
JAMMU, FEB 4: Centre has earmarked additional plan expenditure of Rs. 20,000 crore in the current year for critical schemes in rural development, infrastructure and social security sectors. The step has been taken to minimise the negative impact of global economic meltdown and the recessionary trends it has produced all over the world on the economy and the development schemes being implemented across the country.
This was disclosed at a high level meeting chaired by Minister for Finance, Abdul Rahim Rather here today. The meeting was held in the backdrop of communication received by the State Government from the Prime Minister, Dr. Manmohan Singh, to take appropriate monetary steps to supplement the fiscal measures designed by the Centre to stimulate the economy.
Others who were present in the meeting included Chief Secretary, SS Kapur, Economic Advisor to the Government, Jalil Ahmad Khan, Financial Commissioner, Planning & Development, SL Bhat and Commissioner/Secretary, Finance, BB Vyas.
The meeting was apprised that the Central government will make additional plan expenditure of Rs. 20,000 crore in the current year to speed up the works under the flagship programmes of Pradhan Mantri Gram Sadak Yojana, Jawaharlal Nehru National Urban Renewal Mission, National Rural Employment Guarantee Scheme, Indira Awas Yojana, Accelerated Irrigation Benefit Programme and National Social Assistance Programme.
Speaking in the meeting, the Minister asked the officers to draw maximum funds earmarked under these schemes to make adequate provisions of state share and submit necessary proposals to respective Minister. He also called for ensuring timely release of State’s Share of funds so that full expenditure is incurred to complete the works under the above schemes.
Deliberating on the long-term measure to give fillip to the economy of the State, Mr. Rather said that Centre would be approached to resolve and remove all bottlenecks with regard to the laying of prestigious Railway line from Udhampur to Qazigund and award of Execution Procurement and Construction (EPC) contract for four-laning of National Highway. He said that timely-completion of such projects would improve the connectivity between the different regions of the State thereby, increasing economic activities. He also dwelt that additional funds for full financing additional cost for timely-completion of Mughal Road should be sought from the Centre.
As regards short-term measures to provide desired fiscal stimulus to the economy at the State-level, the Minister said that the Planning and Development department has made a comprehensive plan of Rs. 250 crore for submitting it to Centre for provision of necessary financial support. He observed that emphasis will be given on quick delivery on expedite the matter before March-end, 2009.
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