UDAY Scheme
·
Eight states have
issued bonds worth over Rs 98,959.96 crore under UDAY Bonds scheme in 2015-16,
which is aimed at improving operational and financial efficiency of state power
distribution companies.
·
As part of the scheme,
Reserve Bank had issued the special bonds (non-SLR special securities) on
behalf of eight state governments in the last fiscal.
·
The securities
have been issued by the state governments under the Government Securities Act,
2006 and are eligible for market repo.
·
The state-wise
issuance of UDAY Bonds during 2015-16 is as:
|
State
|
Amount (in Crore)
|
|
Rajasthan
|
37, 349.77
|
|
Uttar Pradesh
|
24, 332.47
|
|
Haryana
|
17, 300
|
|
Punjab
|
9, 859.72
|
|
Jharkhand
|
5, 553.37
|
|
Jammu & Kashmir
|
2, 140
|
|
Bihar
|
1, 554.52
|
|
Chhattisgarh
|
870.12
|
About UDAY:
·
The Power
Ministry had launched UDAY (Ujwal DISCOM Assurance Yojana) on November 20,
2015. The scheme is expected to help discoms save around Rs 1.8 lakh crore in
the next three years. The cumulative debt of discoms is Rs 4.37 lakh crore.
·
UDAY is an effort
to make these DISCOMs financially and operationally healthy, to be able to
supply adequate power at affordable rates, and enable the Governments to make
efforts towards 100% Village electrification and 24X7 Power For All.
·
It envisages to
reduce interest burden, cost of power and AT&C losses. Consequently, DISCOM
would become sustainable to supply adequate and reliable power enabling 24×7
power supply.
·
UDAY has inbuilt
incentives encouraging State Governments to voluntarily restructure their
debts. These incentives include taking over of DISCOM debt by the States
outside the fiscal deficit limits; reduction in the cost of power through
various measures such as coal linkage rationalization, liberal coal swaps and
priority/additional funding through schemes of MoP & MNRE.
·
UDAY is different
from earlier restructuring schemes in several ways including flexibility of
keeping debt taken over outside fiscal deficit limit, reduction in cost of
power and a series of time bound interventions for improving operational
efficiency.
·
UDAY also
provides for measures that will reduce the cost of power generation, which
would ultimately benefit consumers.
·
Jharkhand become
the first state to sign MoU on UDAY scheme with the central government.
·
So far total 16
states have agreed to join UDAY Scheme
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