New Delhi / Jaipur: The Union Government has plans to make equity investment in Jaipur Metro, which till now, was funded by the State Government. The Union Cabinet is likely to consider a Rs.3000 Crore Metro rail project for Jaipur, on Wednesday. The proposal will be put forth before the Union Cabinet soon. There is a need to use transit-oriented development to fund mass rapid transit systems. This includes devising a mechanism, which will ensure that the financial benefits of the property development around urban transportation systems such as the Metro is routed to fund metro rail.
The Metro project will take five years to come up but the proposal’s timing suggests that the Congress-led state government wants to send a signal to voters ahead of assembly elections in the state.
While the decision will not be announced considering Election Commission’s model code of conduct, Congress managers will rely on word of mouth publicity that could benefit the party in the elections where it is fighting a tough battle with BJP to retain power in the state.
The total project cost of all the phases is estimated to be around Rs 7,500 crore. The project is jointly funded by the Centre and the state government. Prime Minister Manmohan Singh has already inaugurated the project.