INDIA – The National Bank for Agriculture and Rural Development approves loan for irrigation projects

The National Bank for Agriculture and Rural Development (Nabard) has approved Rs 65,634.93 crore loan so far to 93 prioritised irrigationNSE -1.32 % projects under the government’s flagship scheme Pradhan Mantri Krishi Sinchai Yojana (PMKSY), its chairman H K Bhanwala said.

The Nabard is funding the central and state share of 99 prioritised irrigation projects under the PMKSY through long term irrigation fund (LTIF). It is mandated to provide Rs 70,000 crore loan to these projects to be completed by 2019.

«All financial support will be available for the projects. There is progress. The timely completion depends on state governments disbursement of their share of funds and union water resources ministry’s active role,» Bhanwala told PTI.

The Nabard has so far sanctioned Rs 65,634.93 crore funds for 93 prioritised irrigation projects out of 99, he said.

Already, Rs 23,402.72 crore has been disbursed for 86 projects, which includes the central share of 15,242.02 crore and state share of Rs 8,160.70 crore, he added.

The Nabard chief said that so far , 18 projects have been completed and about seven projects are nearing to completion.

«The irrigation projects are implemented through state governments. The centre’s share is available for many projects, but it takes time to get the state’s share,» he said.

Maximum projects sanctioned are in Uttar Pradesh, Bhanwala said and lauded the UP government for making budgetary allocation of Rs 7,000 crore for the irrigation projects.

The bigger irrigation projects sanctioned are also in Maharashtra, Telangana and Madhya Pradesh, he added.

The completion of 99 pending projects across the country will develop new irrigation facilities in more than 80 lakh hectare area.




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