Kochi Metro Rail Project has got an assistance of Rs.450 crore in the Union Budget for financial year 2016-17, as against an amount of Rs.779 crore that had been requested. The main shortfall has been in the Head of Account – Pass Through Assistance (PTA), where the provision is Rs.434 crore as against the allocation of Rs.638 crore that had been sought. (This Head of Account is the one through which overseas loan assistance would flow into the project.) However, in the revised estimate of the Union Budget for financial year 2015-16, an additional amount of Rs.44.88 crore has been provided by way of equity.
In the financial year 2015-16, KMRL received an allocation of Rs.643.96 crore including the additional revised equity allocation of Rs.44.48 crore. With this allocation, the Central Government has provided the entire sanctioned amount of Rs.753.73 crore as equity to KMRL. The State Government’s contribution towards equity as on date is Rs.641.50 crore.
“Regarding the shortfall in the provision for financial year 2016-17 as against the funds requested by KMRL, we are confident that this can be made good during the course of the forthcoming financial year; when the budget estimates are revised. Meanwhile the present allocations are sufficient for going forward with the plan of activities proposed by KMRL”, said Mr. Elias George, Managing Director, Kochi Metro Rail Limited.