The central government is committed to contributing 20% of the funds for the Bangalore suburban railway project and that more money will be released after the project report is received from the Railways ministry, Union Finance minister, Nirmala Sitharaman has said.
Addressing the media during the Jan Jan ka Budget meet in Bengaluru Yesterday (Monday, 17th February 2020) Sitharaman said the central government stands by the allocation of 20 per cent share for the Rs 18,600 crore railways project and facilitating 60 per cent funding from external finance institutions.
The finance minister also dismissed reports of just Rs 1 crore allocation to the long-pending project for 2020-21 period. “It is just a token amount released from our side. The commitment is to cover 20 per cent of the total costs of the project,” the minister said.
“There are no formalities left from our side. We are awaiting DPR project approvals from the railways ministry and we will release the allocated share,” the minister added.
She further said that the proposal of allocation of 20% funding from centre and state each was made only after cabinet committee of economic affairs approved of the same. Karnataka Chief Minister, BS Yediyurappa earlier said that the suburban railway project with four proposed corridors will be completed within a stipulated time period of three years.