Centre allocates Rs 994 cr in financial aid

The Union Finance Ministry has allocated Rs 994 crore as financial assistance to the cash-strapped Punjab Government. This will be an interest-free loan for 50 years. Rajya Sabha member Vikramjit Singh Sahney announced this aid. The financial assistance includes Rs 548.93 crore for capital expenditure, which has been approved and is being released now, while Rs 445 crore proposals are awaited from the state government. The Ministry of Finance has also agreed to release additional financial assistance to Punjab out of the balance Rs 1 lakh crore for capital expenditure in sectors like urban planning, urban finance, Make in India, and one district-one product. Punjab is expected to target a minimum of Rs 5,000 crore in grants from these sectors.