New Delhi to announce `70,000-cr package, confirms Drabu

Srinagar: Finance minister Haseeb Drabu said on Sunday that the government of India will announce a development package to the tune of Rs 70,000 crore within this month, confirming a report in The Hindu newspaper, which said that Modi will announce the package during his visit to the state next week.
“I cannot tell you the exact amount of the package but I can say with the responsibility that it will be around Rs 70,000 crore,” Drabu told news agency KNS.
He said the state government had been working on the package for the past four months and chief minister Mufti Mohammad Sayeed himself had requested the government of India for the package.
Drabu said the funds will be spent over various projects in the next five years.
odi and his finance minister Arun Jaitley are scheduled to visit Jammu on July 17 to attend the centenary celebrations of Dogra leader Girdhari Lal Dogra. Quoting a PDP leader, The Hindu said that the ruling party is trying to ensure his presence in Srinagar at the time of the announcement of the package.

The package is expected to be similar to UPA government’s package in 2004 under the Prime Minister’s Reconstruction Package of Rs. 24,000 crore (revised later to Rs. 36,265 crore). The funds are expected to be disbursed along the same lines
Projects to include a medical institute, affiliated to the All India Institute of Medical Sciences; an Indian Institute of Technology each in Jammu and in Kashmir, and an Indian Institute of Management in Jammu.
The package may be used to improve the infrastructure on the cross-border bus and truck routes, and open new routes across all three regions of Jammu, Kashmir and Ladakh to towns in Pakistan-occupied Kashmir
Source: The Hindu