Ministry for financial entities in State Pool
Source: Hueiyen News Service
Imphal,November 26, 2012:
Considering the huge amount needed to develop basic infrastructures in urban areas of the state, Union Ministry of Urban Development has instructed the State Government to set up Finance Entities in State Pool.
According to highly placed official sources, Secretary of Ministry of Urban Development Dr Sudhir Krishna has strictly instructed the Chief Secretary of Manipur to consult with the Commissioner of Finance Department to set up Finance Entities in State Pool.
Sources further revealed that the Union Ministry of Urban Development has given strict instruction as the infrastructures in urban areas of India need to be properly developed to keep in tune with fast development being witnessed in the country.
Sources said that for proper development of basic infrastructures of towns in the country, a huge amount of investment, in terms of millions of US dollars would be required and this amount cannot be borne by the government alone.
A High Power Expert Committee has also been formed for handling Municipal Bonds which could be a major source in developing the basic infrastructures of urban areas.
Considering all these, the Union Ministry of Urban Development has decided to launch a Pool Finance Development Scheme.
For this to come into shape, there arise the need to set up Finance Entities in State Pool at the state level.