THE deadline to complete the Chennai Metro Rail Limited's Phase II will be extended by almost a year due to the fiscal constraints faced by the state government under the Fiscal Responsibility and Budget Management (FRBM) Act, according to Chief Minister M K Stalin.
In a memorandum presented to Prime Minister Narendra Modi in Delhi on Friday, Stalin said the state government had instructed CMRL to reduce the pace of work and take a budgetary cut of 1,000 crore from ₹10,000 crore to ₹9,000 crore last year. For the current financial year too, just 8,000 crore of the planned 12,000 crore is likely to be spent for the project.
This story is from the September 28, 2024 edition of The New Indian Express.
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This story is from the September 28, 2024 edition of The New Indian Express.
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