Budget 2015: Delhi Metro gets 22 per cent hike

DMRC officials termed the amount provided in the Budget as "adequate" for its ongoing projects including the Phase - III construction.

By PTI | Updated: Feb 28, 2015, 06.51 PM IST

NEW DELHI: The allocation of funds for Delhi Metro in the Union Budget has seen a 22 per cent jump with it being alloted over Rs 4,200 crore as its network extends deeper into the National Capital Region.

A total of Rs 4,259 crore has been allocated to Delhi Metro Rail Corporation, a joint venture of the Central and the state governments. It is an increase of 788 crore from the last year's Rs 3,470 crore.

DMRC officials termed the amount provided in the Budget as "adequate" for its ongoing projects including the Phase - III construction.

"As the project progresses during the year it would be possible for DMRC to approach the Government for more funds in the form of Revised Estimates and supplementaries as required from time to time," an official said.

Of the total amount, Metro got Rs 1007 crore for phase-III construction work as part of the Centre's equity with another Rs 125 crore for its expansion plans in the NCR region.

Under the subordinate debt category for Phase III that includes exemption given to it under Central taxes and land acquisition, it has been allocated Rs 530 crore.

On completion, the phase-III of the Delhi Metro will add 140 km to the existing operational network stretching over 190 km with newer operational corridors at various outer Delhi areas and also in places like Faridabad.

Around Rs 42,000 crore has been sanctioned for phase-III construction, a substantial part of which is being funded by the Japanese government.

This amount has been pegged at Rs 2,597 crore this time under the "pass through assistance" head in the Budget.

Both the Union and the state government hold 14 per cent equity in the project each.

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Budget 2015: Top takeaways for the common man

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The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens this limit has been increased from Rs 20,000 to Rs 30,000.

"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.

Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.

Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.

Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.

Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.