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| Let NC led Govt learn to deserve first then desire | | | Early Times Report
JAMMU, Aug 25: It is sheer irony. It is a case of desiring for the moon when the Government in Jammu and Kashmir does not deserve to wish even for the possible. For about years the successive State Governments failed to execute construction work for the 450 MW Baglihar phase II.
Even before the plan to build the power project was finalised the State Government started campaigning in favour of securing restoration to the State all those power plants that have been built and are being run by the NHPC. The campaign had, initially started by the PDP and the NC led Government wasted no time in scoring over the PDP by giving teeth to its campaign on the plea that since the State received meagre share of power from the NHPC run projects Jammu and Kashmir had to face severe power crisis.
And at times the State Government was forced to purchase additional power from the national grid which had its direct impact on the State's development activities.
When the State Government raised its voice in support of its demand for restoration of the NHPC run projects to the State number of experts had voiced their doubts on the Government's ability to maintain and run these projects on the plea that the NC led Government was already faced with severe financial stringency.
In support of their contention the experts referred to the inordinate delay in the execution of the work on the 450 MW Baglihar phase II project. The reason for the delay was that the Jammu and Kashmir Power Development Corporation (JKPDC) had failed to finalize the deal with the executing agency- Germany based Siemens- owing to the differences on certain issues.
And against the wishes of the State Government the cost of the project has escalated from Rs. 2470 crores to about Rs. 3200 crores.
After Government of India's refusal to fund the construction of 450-MW Baghliar-II hydropower project in Jammu and Kashmir, the State Government has, at last, secured lending support from Power Finance Corporation (PFC) for execution of the mega project in the State sector, which is expected to be completed in 2015-2016.
Sources say the debt component of Baglihar-II shall be funded by Power Finance Corporation and J&K Bank to the extent of Rs 1679.23 crore and Rs 500 crore respectively with the balance requirement being met through State equity.
With the PFC agreement, the JKSPDC has achieved the financial closure for implementation of the project in "record time" unlike Baglihar-I which took six years to complete the process.
Much to the relief of the State Government, both the lending institutions have not insisted on mortgage of assets which was a pre-condition at the time of funding for stage first of the project.
Now that the problem of funding has been resolved one does expect the executing agencies not only to stick to the schedule but try for completing the project months before the stipulated time so that there was no further cost escalation. |
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