TNPSC Current Affairs March 2017
Union Cabinet approves special assistance measure for Andhra Pradesh.
The Union Cabinet has approved the special assistance measure for Andhra Pradesh. The Union Cabinet which was chaired by Prime Minister Narendra Modi has given nod for special allowances in funding of Externally Aided Projects and irrigation component of Polavaram Project.
About Special Assistance:
- Special Assistance would compensate additional central share the state might have received during 2015-16 to 2019-20, if the fund of centrally sponsored schemes at the ratio 90:10 between Centre and State.
- The Special Assistance will be provided to the state towards repayment of loan and interest for the Externally Aided projects signed and disbursed during 2015-16 to 2019-20
- The Central government will also funding 100% for the irrigation component of Polavaram project from 1st April 2014.
- This assistance of repayment of loan for the Externally Aided projects will boost the newly bifurcated Andhra Pradesh’s finance and also promote economic growth.