LUCKNOW (INDIA): Restraining any further delay the Prime Minister’s Office (PMO) has intervened to complete, Phase-1 of the Metro project which is likely to get an assent from the finance ministry’s Public Investment Board (PIB) on August 6.
The total cost for metro is estimated at 6,800cr. The delay in getting the nod from the PIB is causing hindrance in procuring loans from the multilateral agencies.
However, the state government has begun its work. Centre contributes 20percent in metro projects whereas, the state has to spend 30percent on its own rest 50percent is borrowed from the market added experts monitoring this project. It must be noted that 100cr was allocated for metro project by the Central government in the 2014-15 budget.
The PMO has asked for fast approval after Uttar Pradesh Chief Minister Akhilesh Yadav shot a letter to the PM on July 5, regarding the delay in metro project. E.Sreedharan and other senior officials from various agencies are very happy with the pace of metro project claimed officials of Lucknow Metro rail corporation (LMRC).
It is interesting to note, this is the second time that the project will be sent for the PIB approval.
On the other hand, Delhi Metro and Jaipur Metro rail projects were given PIB approval on time. PIB’s approval is mandatory after which it is sent to the cabinet for final touches and implementation.