More funds for rural infrastructure

The corpus of the Rural Infrastructure Development Fund (RIDF), which is the main instrument of the government to channelise bank funds for financing rural infrastructure, has been increased from Rs 5,500 crore (Rs 55 billion) in 2003-04 to Rs 14,000 crore (Rs 140 billion) for the year 2008-09 ensuring greater availability of funds for its activities.

This was stated by the Finance Minister, Pranab Mukherjee, while presenting the Interim Budget 2009-2010 in the Lok Sabha.

He also added that a separate window for rural roads was created under RIDF with a corpus of Rs 4,000 crore (Rs 40 billion) for each of the last three years.

The Finance Minister further informed that as against the target of 60 lakh houses which were to be constructed for the weaker sections in rural years under the Indira Awaas Yojana by 2008-09, 60.12 lakh houses have already been constructed between 2005-06 and December 2008.

Source: PIB