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In a resounding testament to the commitment to rural development, the Rural Infrastructure Development Fund (RIDF) in India has reached a remarkable milestone, surpassing ₹5 lakh crore in cumulative corpus, with state governments availing ₹4.07 lakh crore for an array of projects aimed at bolstering rural connectivity, the social sector, agriculture, and related areas.
The momentous achievement was revealed following a comprehensive review of the scheme by Vivek Joshi, the secretary of the Department of Financial Services, who stated that RIDF’s annual corpus has experienced an impressive ascent from ₹2,000 crore in its inaugural year, 1995-96, to a substantial ₹50,000 crore in the fiscal year 2023-24. This substantial increase reflects the Modi government’s unwavering commitment to rural development and infrastructure enhancement.
Established under the aegis of the National Bank for Agriculture and Rural Development (NABARD), the RIDF has played a pivotal role in transforming rural communities by supporting 7.7 lakh infrastructure projects encompassing 39 activities. These projects have spanned crucial sectors such as irrigation, rural connectivity, and the social sector. RIDF’s contributions have led to significant improvements in the lives of rural populations across India.
Vivek Joshi, in a recent review of RIDF projects, emphasized the importance of enhancing the absorption capacity of implementing departments, ensuring timely submission of project completion reports, and conducting comprehensive evaluations of impacts and outcomes. The focus of this review ranged from the identification of projects to the efficient allocation of budgets, expedited tender processes, and the maintenance of project assets.
During a stakeholders meeting on RIDF, attended by senior executives of NABARD and finance secretaries of various states and union territories, several valuable suggestions emerged. One notable recommendation was to review existing guidelines and processes to expedite project implementations according to the evolving needs of states.
Furthermore, Joshi advised NABARD to create a project monitoring dashboard to be shared with all states. This innovative approach will facilitate continuous project evaluation and aid states in formulating their annual plans.
Rural Infrastructure Development Fund (RIDF) was initially instituted with the sole objective of providing low-cost support to state governments and state-owned corporations for developing critical infrastructure in agriculture and allied sectors. The fund has played a crucial role in boosting rural economies and creating numerous opportunities for rural development.
In a significant move to expand the scope of infrastructure development, the Budget for the fiscal year 2023-24 announced the creation of a similar fund for urban infrastructure development, known as the Urban Infrastructure Development Fund (UIDF), under the National Housing Bank (NHB). Finance Minister Nirmala Sitharaman highlighted the importance of leveraging resources from the grants of the 15th Finance Commission and existing schemes, as well as implementing user charges when accessing the UIDF, with an annual allocation of ₹10,000 crore.
The achievements of the RIDF are a testament to the government’s dedication to rural development and the improvement of critical infrastructure, ultimately enhancing the lives of millions of people in rural India. As the RIDF continues to evolve and grow, it remains a cornerstone of India’s progress in achieving inclusive and sustainable development.
Sources By Agencies
