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Centre makes another bid to reform state discoms with Rs 3.03 lakh cr aid package
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SME Times News Bureau | 28 Jun, 2021
The government has yet again come out in support of the power sector
that had remained financially stressed despite several instalments of
financial and reform packages.
Announcing an economic relief package in the wake of Covid-19 disruptions, Union finance minister Nirmala Sitharaman unveiled a
Rs 3.03 lakh crore reform-based, results linked power distribution
scheme as yet another attempt to restore the financial health of discoms
by cutting down losses.
The new scheme of financial assistance
to the discoms would aim at infrastructure creation, upgradation of
systems, capacity building and process improvement.
The scheme would have State specific intervention in place of "one size fits all".
The participation in the new scheme would be contingent upon pre-qualification
criteria like publication of audited financial reports, upfront
liquidation of the state government's dues/subsidy to the discoms and
non-creation of additional regulatory assets.
Under the scheme,
25 crore smart meters, 10,000 feeders, 4 lakh km of LT overhead lines
will be planned. The ongoing work of IPDS, DDUGJY and SAUBHAGYA will be
merged with this scheme to bring in uniformity of purpose.
The total allocation under the scheme has been kept at Rs 3,03,058 crore with the Central share being Rs 97,631 crore.
With
the scheme in place, states have been allowed additional borrowing for
four years upto 0.5% of Gross State Domestic Product annually (Rs
1,05,864 Cr for 2021-22) subject to carrying out specified power sector
reforms. This would mean that additional borrowing (up from 0.25 per
cent of GDP for last year) would be available only if specified reforms
are carried out by the state governments.
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