Union Budget 2015: Delhi Metro funds allocation hiked by 22%
The allocation of funds for Delhi Metro in the Union Budget has seen a 22% jump with it being alloted over Rs 4,200 crore as its network extends deeper into the National Capital Region.business Updated: Mar 01, 2015 02:00 IST
The allocation of funds for Delhi Metro in the Union Budget has seen a 22% jump with it being alloted over Rs 4,200 crore as its network extends deeper into the National Capital Region.
A total of Rs 4,259 crore has been allocated to Delhi Metro Rail Corporation, a joint venture of the Central and the state governments. It is an increase of 788 crore from the last year's Rs 3,470 crore.
DMRC officials termed the amount provided in the Budget as "adequate" for its ongoing projects including the Phase -III construction.
"As the project progresses during the year it would be possible for DMRC to approach the Government for more funds in the form of Revised Estimates and supplementaries as required from time to time," an official said.
Of the total amount, Metro got Rs 1007 crore for phase-III construction work as part of the Centre's equity with another Rs 125 crore for its expansion plans in the NCR region.
Under the subordinate debt category for Phase III that includes exemption given to it under Central taxes and land acquisition, it has been allocated Rs 530 crore.
On completion, the phase-III of the Delhi Metro will add 140 km to the existing operational network stretching over 190 km with newer operational corridors at various outer Delhi areas and also in places like Faridabad.
Around Rs 42,000 crore has been sanctioned for phase-III construction, a substantial part of which is being funded by the Japanese government.
This amount has been pegged at Rs 2,597 crore this time under the "pass through assistance" head in the Budget.
Both the Union and the state government hold 14% equity in the project each.