New Delhi: In a bid to give thrust to the much talked about Pradhan Mantri Gram Sadak Yojana (PMGSY) which is running way behind schedule, Rural Development Ministry has asked the Central government to give its nod to Rs 2500 crores external loan. This is the second installment of foreign loan awaited while the first installment was approved by the Centre.

The amount will be utilized in adopting latest technology and research work in the construction of roads connecting the rural areas with road networks.

The loan of Rs 4000 crores sanctioned by the Asian Development Bank (ADB) last month in favour of the Yojana is affirmed as insufficient by the Rural Development Ministry. Therefore, it has prepared another proposal for the sanction of the second installment which has been sent to the Finance Ministry for approval.

Union Minister of Rural Development Jairam Ramesh has urged Finance Minister Pranab Mukherjee to give green signal to the second installment so that a deal could be signed with Asian Development Bank in this regard at the earliest.

In his letter, Ramesh has chalked out all the details of the proposal with special emphasis on the ratio of the foreign loan component to be taken care of.

Notably, one of the most successful and revolutionary projects of the Rural Development Ministry, Pradhan Mantri Sadak Yojana, is in a dire need of capital.

JPN/Bureau