“UDAY aims at a permanent resolution of DISCOM issues by addressing
past, present and future problems,” Minister of State (IC) for Power,
Coal and New & Renewable Energy Piyush Goyal tweeted.
The NDA Govt launched UDAY last month to address the ₹4.3 lakh crore debt
of power utilities. UDAY aims at permanent resolution of DISCOM issues
by addressing past, present and future problems.
Ujwal DISCOM Assurance Yojana (UDAY) provides for the financial turnaround and
revival of Power Distribution companies (DISCOMs), and importantly also ensures a
sustainable permanent solution to the problem. UDAY is a path breaking reform for
realizing the Hon’ble Prime Minister’s vision of affordable and accessible 24x7 Power
for all.
U.D.A.Y is optional for all States
States shall take over 75% of DISCOM debt as on 30 September 2015 over two
years - 50% of DISCOM debt shall be taken over in 2015-16 and 25% in
2016-17
Government of India will not include the debt taken over by the States as
per the above scheme in the calculation of fiscal deficit of respective States in
the financial years 2015-16 and 2016-17
States will issue non-SLR including SDL bonds in the market or directly to the
respective banks / Financial Institutions (FIs) holding the DISCOM debt to the
appropriate extent
DISCOM debt not taken over by the State shall be converted by the Banks / FIs
into loans or bonds with interest rate not more than the bank’s base rate plus
0.1%. Alternately, this debt may be fully or partly issued by the DISCOM as
State guaranteed DISCOM bonds at the prevailing market rates which shall be
equal to or less than bank base rate plus 0.1%
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