Admn Secys asked to explain reasons, ensure swiftness
Govt intends to complete 1300 more works by March
Mohinder Verma
JAMMU, Dec 17: Taking serious note of delay in completion of languishing projects by several departments, the Chairman of Jammu and Kashmir Infrastructure Deve-lopment Finance Corporation (JKIDFC) and Financial Commissioner Finance Dr Arun Kumar Mehta has asked the concerned Administrative Secretaries to explain the reasons behind the same and initiate all the necessary steps to fast-pace the execution.
Official sources told EXCELSIOR that during the review meeting of the Corporation held recently, its Chairman noticed slow pace of work on several projects which were sanctioned with sufficient funding despite the fact that Government has fixed a target of completion of 1300 more projects during the current financial year.
Accordingly, on his directions the Corporation has started sending official communiqués to the concerned Administrative Secretaries regarding slow moving projects. “They have been asked to take necessary action for faster implementation of the projects and explain reasons for the delay”, sources said.
Moreover, the Chairman of JKIDFC has made it clear that in case of failure of the Nodal Officers to initiate the projects within the stipulated time-frame, the projects will be dropped from the approved list of languishing projects funded by the Corporation.
“No slackness can be tolerated as the Government is intending to complete 1300 more languishing projects during the current financial year so that people can start reaping their benefits”, sources said.
It is pertinent to mention here that the Corporation has already succeeded in completing 708 languishing projects across the Union Territory of Jammu and Kashmir and it is repeatedly stressing upon the departments to speed up the progress of work in order to meet the target of completing 1300 more projects during 2020-21 financial year.
Moreover, the Chairman has directed the Corporation to depute officials for physical verification of the completed projects. “At least two officials of the Corporation should be deputed everyday for monitoring and verification so that this exercise in respect of 708 already completed projects is taken to the logical conclusion within a month”, sources said quoting the directions of the Chairman.
Dr Mehta has further stressed upon the concerned Nodal Officers for arranging virtual tour of the projects by the teams of the Corporation so as to supervise the progress.
After a brief presentation on the progress of the Corporation and on displaying the real time geo-tag location of the projects through Google Earth, the Chairman directed the Corporation to continue the work of incorporating the real time monitoring and implement the GIS based monitoring system through regular satellite imagery of all ongoing languishing projects.
About raising of loan from the financial institutions/banks by the Corporation for smooth funding of languishing projects, sources said that Corporation in its 2nd Board meeting had proposed to issue Expression of Interest (EoI) for raising loan from the scheduled financial institutions/nationalized banks. After completing all the formalities of Expression of Interest, the Corporation executed an agreement with J&K Bank for contracting Rs 1000 crore as and when required.
The Board had again issued 2nd EoI for raising a loan of Rs 500 crore for the smooth funding of projects on September 9, 2020 which may get exhausted very soon and for continuation of payments in a time bound manner against various projects, the Corporation is in immediate need of further funding as such requires to seek loan from the financial institutions/nationalised banks.
“Pursuant to the provisions of Companies Act and rules and regulations made thereunder, the Corporation’s Board has accorded approval for floating of third Expression of Interest for raising loans on such terms and conditions as may be mutually agreed”, sources said.
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