With a view to providing fillip to the developmental activities across the State, the State Administrative Council (SAC) which met here today under the chairmanship of the Governor, Satya Pal Malik approved an amount of Rs 8000 crores for completing all languishing projects in the State.
For this purpose, the SAC approved the establishment of a new infrastructure company, the Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC). The JKIDFC has been authorized to raise a loan not exceeding Rs 8000 crores from various financial Institutions including State/ Nationalized Banks for completion of these unfunded, languishing projects.
Advisors to Governor, B B Vyas, K Vijay Kumar and Khurshid Ahmad Ganai, Chief Secretary B V R Subrahmanyam and Principal Secretary to Governor, Umang Narula were present at the meeting.
A persistent difficulty encountered in the development process has been the large number of languishing and unfunded projects. Read More
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