J&K hydroelectric project approved

Cabinet green lights investment of ₹4,526.12 crore in venture in Kishtwar district 

Updated - April 27, 2022 10:35 pm IST

Published - April 27, 2022 04:59 pm IST - New Delhi:

Chenab Valley Power Projects Ltd is a Joint Venture Company between National Hydroelectric Power Corporation and Jammu and Kashmir State Power Development Corporation to harness the vast hydro potential of river Chenab. File

Chenab Valley Power Projects Ltd is a Joint Venture Company between National Hydroelectric Power Corporation and Jammu and Kashmir State Power Development Corporation to harness the vast hydro potential of river Chenab. File | Photo Credit: K. Balchand

A meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on Wednesday approved an investment of ₹4,526.12 crore for the 540-megawatt Kwar hydroelectric project on the Chenab in Kishtwar district of Jammu and Kashmir.

Union Minister Anurag Singh Thakur said the project would be implemented by Chenab Valley Power Projects Private Ltd., a joint venture between the NHPC and the Jammu and Kashmir State Power Development Corporation, with equity contribution of 51% and 49%. The project, to be commissioned within 54 months, is expected to generate 1975.54 million units in a 90% dependable year.

Jobs due to project

According to the government, construction activities of the Project would result in direct and indirect employment of about 2,500 people. The CCEA also approved the continuation of lending under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi till December 2024.

The scheme was initially only to facilitate loans involving ₹5,000 crore but the amount has now been increased to ₹8,100 crore. The budget for promotion of digital payments, including cashback to the vendors, has also been enhanced. The decision is expected to benefit nearly 1.2 crore citizens in urban areas, said the government. As on April 25, as many as 31.9 lakh loans were sanctioned under the scheme and 29.6 lakh loans amounting to ₹2,931 crore were disbursed. The government said the beneficiaries conducted over 13.5 crore digital transactions and were given a cashback of ₹10 crore. An interest subsidy of ₹51 crore was also extended.

IPPB branches

The Union Cabinet cleared the revision of project outlay for setting up India Post Payments Bank (IPPB) branches from ₹1,435 crore to ₹2,255 crore. It also granted in-principle approval for future fund infusion of ₹500 crore for regulatory requirements and technological upgrade.

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