This would be a nearly 40% markdown on the projected spending this year.The ₹63,246 crore-project has been facing headwinds since last year due to financial issues and this year may not be different. The dispute may not only impact the project deadline, it may also affect the state's borrowing capacity from external agencies.The Chennai Metro Rail Limited (CMRL) till August has spent 2,900 crore of 12,000 crore earmarked for Phase-II of the project in the state budget for 2024-25, sources said.While Union Finance Minister Nirmala Sitaraman has categorically stated that it's a state sector project and the Tamil Nadu government is entirely responsible for the funding, the state has given its own reasons on why it wants the centre to release funds for the project. The state government, which has been entirely funding the Phase-II project so far, had reduced the actual funding from ₹10,000 crore to ₹9,000 crore last year, sources said.While there is an overall drop in project funding, the drawing of funds for other components, including repayment and interest on loans for Phase-I and Phase-I metro rail extension, too, may be affecting the actual share of money spent on the project infrastructure. Money is also being used to meet cash loss (operational revenue loss) from the budget allocation, sources said.The Phase-II of the project started facing trouble ever since the centre started calling it a state project. In the first phase, funds and loans through external funding agencies were flowing directly from the centre and work was progressing smoothly as it was termed a 'central' project.But in 2018, the CMRL got funding from the Japan International Cooperation Agency's (JICA) modified Special Terms of Economic Partnership (STEP) without linking the same to the sanction of the union government. Since then, it was branded as a 'state' project and external borrowings are being routed entirely through the state.

Metro projects slowed down after TN cut short CMRL budget by ₹ lk cr

45.91,1175.63,536.08,185.61,2067.00,3130.00

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