States have floated Rs 1trillion Uday bonds in two & half months: Piyush
Eulogising the benefits of Uday scheme for distribution firms, Power and Coal Minister Piyush Goyal on Tuesday said states have floated bonds worth Rs 1 lakh crore under the scheme in just two-and-a-half months. Uday is the most comprehensive assessment for the power sector, he said adding it is a bottoms-up approach, which is why every state has almost accepted it and the rest will come in line after elections. The concept has also found resonance across political parties despite being voluntary, Goyal said at industry body CII’s annual session here. “It will result in Rs 1.80 lakh crore in saving every year and you will be delighted to know that we have been able to place Rs 1 lakh crore of Uday bonds by March 31 within a short span of two-and-a-half months,” the minister noted. This will bring down the interest costs of the discoms by a significant level and therefore keep power tariffs at least at the level they are now rather then going up, he said. Under Uday, 10 states have signed MoUs till date.