Funds for northeast’s development approved

August 12th, 2011 - 12:53 am ICT by IANS  

Manmohan Singh New Delhi, Aug 11 (IANS) To make funds available for projects critical to the development of northeastern states, the union cabinet Thursday approved a proposal for introducing a new central sector plan scheme for the region.

Named the ‘non-lapsable central pool of resources — central’, the proposal from the development of northeastern region ministry was given a nod by the union cabinet at its meeting presided over by Prime Minister Manmohan Singh.

“The purpose of this proposal is to make funds available for projects which are critical to the development of the northeastern region and are in accordance with national priorities,” an official press release said here.

“The scheme, as it is envisaged, will address this issue and projects having the potential for extensive social and economic impact on the region will be taken up under the scheme,” it added.

The central pool of resources for development of northeastern region was created in 1998, which makes it mandatory for central ministries and departments, excepting some specifically exempted ones, to earmark 10 percent of their budgetary resources for specific schemes, projects, programmes in the northeastern states.

The unspent portion of the earmarked outlays accrued, at the end of the financial year, to the pool from which the expenditure of the development of northeastern region ministry, under the plan scheme of non-lapsable pool of resources, is being debited annually. Currently, the balance stand at Rs.9,217.32 crore.

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