Cabinet approves raising of Extra Budgetary Resources for infrastructure

New Delhi, Sep 21 (IANS) With the aim to augment infrastructure investments, the Union Cabinet on Wednesday gave approval for raising Rs 31,300 crore this fiscal as Extra Budgetary Resources (EBR), the government said.

The Union Cabinet met here under the chairmanship of Prime Minister Narendra Modi.

In a statement issued here, the government said out of the EBR of Rs 31,300 crore, it is proposed to finance the funds to be raised by Power Finance Corporation (PFC), Indian Renewable Energy Development Agency (IREDA), Inland Waterways Authority of India (IWAI), and National Bank for Agriculture and Rural Development (NABARD) by the Government of India.

It implies the principal and interest in respect of the EBR of Rs 16,300 crore to be raised by PFC, IREDA, IWAI and NABARD shall be financed by the Government of India by making suitable budget provisions in the demand of respective ministries/departments.

The move is intended to supplement the efforts of the central government to improve infrastructure spending and to improve the revenue-capital mix of the expenditure for a more sustainable growth.

–IANS

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