Centre allocates Rs 994 cr in financial aid: MP

The Union Finance Ministry has allocated Rs 994 crore as financial assistance to the cash-strapped Punjab Government. This will be an interest-free loan for 50 years.

Announcing this here today, Rajya Sabha member Vikramjit Singh Sahney, who is also a member of the Parliamentary Consultative Committee on Finance, said he made several interventions, including Special Mention in the Monsoon session of Parliament, requesting for special financial assistance to the state.

As per a written response received by him from the Minister of Finance, capital expenditure amounting to Rs 548.93 crore has been approved for Punjab and is being released now, while Rs 445 crore proposals are awaited from the state government.

Sahney said the Ministry of Finance had also agreed to release additional financial assistance to Punjab out of the balance Rs 1 lakh crore for capital expenditure in sectors like urban planning, urban finance, Make in India, one district-one product etc., in which Punjab should target for minimum Rs 5,000-crore grants.