States take over Rs 2 lakh cr of DISCOMs debt

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Under Ujwal DISCOM Assurance Yojana, States have taken over the targeted debt of Rs. 2.09 lakh crores of their DISCOMs under borrowing exemption from the FRBM Act for the years 2015-16 and 2016-17, according to a statement released by the Ministry of Power.

As per the provisions of UDAY Scheme, the States would start taking over losses of DISCOMs in a graded manner from now on, starting with taking over 5 per cent of the losses of FY17 from the current financial year. Continued, concerted and coordinated efforts by the Centre, States, and DISCOMs, in the spirit of cooperative and competitive federalism, would help turn around the Distribution Sector by FY19.

The process of States taking over the targeted debts and issuing them as SDL Bonds have now been completed. As of now, the participating DISCOMs have to issue Bonds worth approximately Rs 37,000 crores, which would be done in due course. Rest of the debt with DISCOMs is mostly in the nature of CAPEX debt, which pays for itself, or Scheme based debt, which converts into grants fully or partially. Thus, they are not required to be taken over by the States.

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