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Centre approves capital investment projects worth Rs 56,415 cr for states

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New Delhi: The central government has approved capital investment projects worth Rs 56,415 crore on Monday across various sectors in 16 states for giving timely boost to capital spending.

Approval has been given under the scheme entitled ‘Special Assistance to States for Capital Investment 2023-24.’

The capital investment proposals of various state governments such as Bihar, Arunachal Pradesh, Goa, Haryana, Karnataka and Madhya Pradesh have got approval from the central government.

Capital investment projects worth Rs 7,850 crore have been approved in the state of Madhya Pradesh.

Similarly, projects worth Rs 6,026 crore have been approved in Rajasthan. In Bihar, projects worth Rs 9,640 crore have received approval.

While presenting the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman announced the capital investment scheme in order to provide a boost to capital spending by states.

Under the scheme, special assistance is being provided to the state governments in the form of a 50-year interest free loan up to an overall sum of Rs 1.3 lakh crore during the financial year 2023-24.

“Capital investment projects in diverse sectors have been approved including health, education, irrigation, water supply, power, roads, bridges and railways,” Finance Ministry said in a statement on Monday.

“Funds for meeting the state share of Jal Jeevan Mission and Pradhan Mantri Gram Sadak Yojana have also been provided to the States under this scheme to enhance pace of the projects in these sectors,” it further said.

The scheme for financial assistance to states for capital investment was first instituted by the Ministry of Finance in 2020-21 in the wake of Covid 19 pandemic.

“The flexibility and simplicity of the scheme design has earned liberal praise from Chief Ministers and Finance Ministers of States in successive pre-budget consultations,” said the Finance Ministry.

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