Today’s MPs from West Bengal are a smarter lot. Gone are days when all they used to do was flexing muscle at the floor of the parliament, and petty politicking back home when the parliament was not is session. Representing state’s cause for investment and clinching ‘favors’ for the state from the center were never treated a priority.
Times have changed. For the last few years the MPs are strongly pursuing projects for the state, and the results of their effort are slowly emerging. It helps that the state has 2 heavyweight ministers in the central cabinet, and the government is supported by the left parties from outside.
Proposed East-West Metro is an example of dogged perseverance by elected representatives form the state. It now looks imminent that Kolkattans will have it after all.
A separate entity, going by the ornamental name, Special Purpose Vehicle (SPV for short), has been formed, which will be headed now by the state’s transport secretary before a suitable person is chosen for the job. SPV will need center’s nod that is expected by October.
Meanwhile, the project has received center’s finance ministry whereby the center will contribute 25% to the SPV – something around Rs.800 crore. The state’s share is 30% of the total cost, while the balance will be met by a soft loan from the Japan Bank for International Cooperation (JBIC).
It’s the latter that awaits the final tie-up, which if everything goes as per plan, will materialize only in February next when the final loan agreement is expected.
More reading: JBIC, Kolkata & Future
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