Odisha Seeks Rs 5000 Cr Loan From Centre To Over Come Power Crisis

Bhubaneswar: With the power sector in Odisha incurring heavy loss on account of the COVID-19 related lockdown, the state government has reportedly sought a loan of Rs 5,000 crore from the Centre to bail it out of the financial crisis.

Energy Minister Dibya Shankar Mishra has written to the Union Power minister stating that the economic slowdown due to the coronavirus has seriously affected the power sector and distribution companies (DISCOMs), sources said.The nationwide lockdown has led to drastic fall in power consumption by the industrial units and commercial houses. Though phasewise relaxation of the lockdown has revived economic activities partially, the demand is yet to be restored to the normal level, the minister said.

While requesting for the financial bail-out, Mishra has said the interest rate should be reduced from 9.5 per cent to 6 per cent per annum and the repayment term extended to 15 years