Coimbatore Corporation may tap foreign funds to take up
big infrastructure projects. After getting approval from the State
Government, the Corporation may approach the funding agencies such as
the World Bank or Japan International Cooperation Agency for funds to
implement the schemes scheduled under the proposed Jawaharlal Nehru
National Urban Renewal Mission II.
The civic body’s thinking was impacted by the Union Budget, where no mention was made of JNNURM II.
The
Corporation sources said that the thinking had to do with the Union
Government not allocating adequate funds or prioritising the Jawaharlal
Nehru National Urban Renewal Mission II – something the Corporation had
pinned hopes on for implementing a few schemes. Those include the 24 x 7
drinking water supply scheme for the old city areas, second phase of
the storm water drain project and the scheme to clean the tanks in the
city.
The sources said that the Corporation was
confident of tapping funds from the agencies as it enjoyed robust
financial health. This was notwithstanding the deficit budget the Mayor
S.M. Velusamy was likely to present on March 14.
Sources
added that the ensuing financial year’s budget would be the second
deficit budget for the present dispensation. In the last budget, the
Corporation had Rs. 27.70-crore in deficit.
This was on account of the increase in capital expenditure.
The deficit for the coming financial year is likely to cross Rs. 30 crore.
And
if it is so, it will be notwithstanding the increase in non-tax revenue
– revenue from shops and other establishments. For, in the last few
months, the Corporation had revised upwards the rents for
establishments.
For those establishments whose rents
were fixed nine years ago, the Corporation completely fixed a new rate
that reflected the current market value.
The sources
said this year, the Corporation was focussing not on big budget schemes
but those that the civic body will find it easy to implement. And also
schemes that will make a difference.
The sources said that the focus will be on education, women’s empowerment and basic sanitation.
