Amid lockdown, Mumbai locals get Rs 10,000 crore stimulus
In a welcome development amid lockdown, the Maharashtra government, state planning bodies MMRDA & CIDCO, and the Mumbai Rail Vikas Corporation (MRVC) signed MoU for projects worth Rs 10,947 crore under the Mumbai Urban Transport Project phase 3 (MUTP-3).
According to a release issued by the state government, the memorandum of understanding was signed in the presence of Chief Minister Uddhav Thackeray at his official residence ‘Varsha’.
MUTP-3 includes projects like construction of a suburban railway corridor between Panvel and Karjat (Rs 2,783 crore), new suburban corridor link between Airoli and Kalva (elevated) in the Central Railway zone (Rs 476 crore) and quadrupling of Virar-Dahanu link in the Western Railway zone (Rs 3,578 crore).
Other projects that would get a boost with the signing of the MoU are procurement of 47 rakes of AC local trains for Rs 3,491 crore and a trespass control system for tracks (Rs 551 crore), the statement said.
#Mumbai rail infra projects got a boost amid #lockdown today! A Subsidiary Finance Agreement (SFA) was signed between @RailMinIndia @MrvcLtd & Government of Maharashtra to push the third phase of Mumbai Urban Transport Project in presence of @CMOMaharashtra @OfficeofUT (1/n) pic.twitter.com/uQwIpmdHvY
— Rajendra B. Aklekar (@rajtoday) July 9, 2020
The Railways and Maharashtra government will share the project cost.
Meanwhile, the Asian Infrastructure Investment Bank would be providing a loan of Rs 3,500 crore and an agreement will be signed this month. An additional Rs 2,629 crore lease will be taken from Indian Railway Finance Corporation for the procurement of AC EMU trains.