Nirmala Sitharaman, the Finance Minister of India, approved an amount of Rs. 1,850 crores to be given to the Andhra Pradesh Government for the Polavaram Project.
On the 27th of November, Ms. Sitharaman issued an order and directed the Central Government to reimburse the amount.
Gautam Phalit, the Secretary of the Finance Ministry of India, submitted a proposal to the National Bank for Agricultural and Rural Development (NABARD) and directed the body to release the amount.
The NABARD would transfer the amount to the Yuvajana Sramika Rythu Congress Party (YSRCP) Government through the Polavaram Project Authority (PPA.)
The NABARD is expected to raise Rs. 1,850 crores by issuing bonds under the SEBI (Securities and Exchange Board of India) e Auction platform.
After July 2018, this is the first time the Central Government funded the Polavaram Project which falls under the purview of the State Government and the Central Government.
The amount would be credited to the Polavaram Project Authority within 4 to 5 working days.
Stay tuned for further updates.
