Modi Cabinet approves 850 MW hydro project for J&K
Construction activities of the project will result in direct and indirect employment to around 4000 persons
Giving development process in Jammu and Kashmir a boost, the Union Cabinet, chaired by Prime Minister Narendra Modi on Wednesday gave its approval for investment of Rs 5281.94 crore for 850 MW Ratle hydro-electric project located on river Chenab in Kishtwar district of the Union Territory.
As per the press release, to make the project viable, the government will extend exemption from levy of water usage charges for 10 years after commissioning of the project, reimbursement of State's share of GST and waiver of free power to the Union Territory of Jammu and Kashmir in a decremental manner.
It is said that construction activities of the project will result in direct and indirect employment to around 4000 persons and will contribute to overall socio-economic development of the Union Territory of Jammu and Kashmir.
Further, Union Territory of Jammu and Kashmir will be benefitted by getting free power worth Rs. 5289 crore and through levy of water usage charges worth Rs.9581 crore from Ratle hydro electric project, during the project life cycle of 40 years.