Union Budget 2016 | Rs 450-crore push for Kochi Metro Rail Project

Kochi Metro Rail

Kochi: The Kochi Metro Rail Ltd (KMRL) has received an assistance of Rs 450 crore in the Union Budget for the financial year 2016-17 as against the request of Rs 779 crore.

KMRL officials expressed the hope that this amount would be revised when the Union government revises the budget estimates.

In the current fiscal (2015-16), KMRL received an allocation of Rs 643.96 crore, including the additional revised equity allocation of Rs 44.48 crore. With this allocation, the central government has given the entire sanctioned amount of Rs 753.73 crore as equity to KMRL.

The state government’s contribution as on date comes to Rs 641.50 crore.
“Regarding the shortfall in provisioning for the 2016-17 financial year as against funds requested by KMRL, we are confident that this would be revised during the course of the forthcoming financial year, when the budget estimates are revised. Meanwhile, the present allocation is sufficient for going forward with the plan of activities proposed by KMRL,” said KMRL MD Elias George.

The main shortfall has been under the Head of Account, Pass Through Assistance (PTA), where Rs 434 crore was allocated against Rs 638 crore sought. (The Head of Account is the one through which overseas loan assistance would flow into the project) However, in the revised estimate of the Union budget for the financial year 2015-16, an additional amount of Rs 44.88 crore has been provided by way of equity.

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