Record use of Rs 800 cr for rural infra projects by NABARD: Punjab FM

Punjab Finance Minister Harpal Singh Cheema on Thursday said the state has "drastically" improved its performance, registering a record utilisation of Rs 800 crore funds in FY23 for the rural infrastructure development projects assisted by NABARD.

He was chairing a meeting to review the National Bank for Agriculture and Rural Development (NABARD) assisted projects, a state government release said.

The minister lauded the role of the finance department and NABARD in smooth implementation enabling high utilisation for the ongoing projects. He also thanked NABARD for sanctioning new projects worth Rs 919 crore, the highest so far for Punjab.

The minister urged the NABARD team to enhance the allocation of the state to Rs 1,500 crore for new projects in 2023-24 for improving the rural infrastructure.

Cheema also focused on the need to give priority to all the sectors for funding projects this year, including roads and bridges, irrigation, drinking water and sanitation, and renewal energy to ensure the overall development of the rural economy.

He also directed all the administrative departments to focus on the optimum utilisation of the funds available from NABARD and accelerate the pace of execution of the ongoing projects.