Modi to address rally at SK Stadium on Nov 7
PM’s financial package for J&K to focus on infra development
• New hydel power projects, roads will be constructed
• Rs 90,000 Cr economic package will be spent in 2-3 yrs
• Rs 3000 crores will be for flood-hit people
Prime Minister Narendra Modi will announce a financial package of Rs 90,000 crores during his November 7 rally at Sheri Kashmir cricket stadium, here. The thrust of the package will be on infra development and Rs 3000 crores will be earmarked for the flood-hit people.Top sources said PM Modi is scheduled to address the joint PDP-BJP rally at SK cricket stadium, here on November 7. “During the rally, PM will announce Rs 90,000 crores financial package for the State.”
They said Rs 90,000 crores would be spent in 2-3 years in the State on upgradation of public infrastructure.
“In the package, Rs 70,000 crores would be new grants while Rs 20,000 crores will be the revalidated amount,” sources said adding the package will largely fund the development of infrastructure in the State particularly construction of new hydel power projects and roads.
They said there is a need to create assets and revive the economy, which has seen a downturn due to last year’s floods. “The investment in power and road connectivity will give the fillip to the economy”.
Chief Minister, Mufti Muhammad Sayeed had yesterday hinted at the announcement of the big economic package by PM during his November 7 visit to the State.
He said the central assistance was delayed as Modi was gauging the “honesty” of the PDP-led coalition government in reaching out to the deserving beneficiaries.
Sources said Rs 3000 crores or more will be earmarked for relief and rehabilitation of flood-affected people.
The previous NC-Congress coalition government headed by Omar Abdullah had submitted Rs 44,000 crore flood package to the Central government for approval. However, after central government officials said NC-Congress government had not properly worked out the package, the World Bank (WB) and the NITI Ayog scaled down the losses.
The WB assessment scaled down the losses to Rs 21,000 crores while Niti Ayog assessment further brought it down to Rs 11,000 crores.
“The package sought by Omar government to compensate the flood affected families was much higher than the norms of compensation for the damaged houses and property under the disaster relief fund norms,” sources said.
PM’s package, sources said, will majorly cover construction of new hydel projects to tide over the power deficit and road infrastructure projects.
“The package would be in addition to the Finance Commission (FC) grants already approved for the state,” they said.
PM will also inaugurate 450-MWs Baglihar power project phase-II in Ramban district of Jammu province on the day. He will also inaugurate four-laning project of Udhampur-Bannihal stretch of the Jammu-Srinagar highway and Shaheed Amarnath Bhagat skill development institute at Baglihar.
