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The Uttar Pradesh exchequer is staring at a loss of upto Rs 2,332.58 crore as loans from Centre may not be converted into grants due to non completion of projects of time, the Comptroller and Auditor General (CAG) has found.
The auditor's report, for the financial year ending on March 31, 2016, on the performance audit in Re-structured Accelerated Power Development and Reforms Programme (R-APDRP) was tabled in the UP Assembly today.
According to the CAG report, "There was slow progress in implementation of scheme as against the sanctioned cost of Rs 7,971.48 crore of the scheme, expenditure of Rs 3,764. 72 crore was incurred by the DISCOMs (power distribution companies)."
The report said that as per scheme guidelines, loans provided by Centre were to be converted into grants on completion of the projects within stipulated time.
"Due to not completing the projects within the stipulated period, chances of conversion of the loan of Rs 4,110.70 received under the scheme into a grant of Rs 2,332.58 crore looks remote," the report said.