New Delhi : The Delhi Metro was Thursday allocated Rs.7,701 crore ($,1436 million) in the budget for 2013-14 which will be spent on construction of Phase-III, to lay another 103 km of tracks in the national capital.
Of the funds allotted to the urban development ministry, Finance Minister P. Chidambaram announced among the largest chunks to Delhi Metro.
Making the announcement Thursday, Chidambaram said the central government will infuse Rs.650 crore as its equity, while it will get pass through assistance of Rs.1,750 crore ($326.401 million).
Apart from this, Rs.5,181.12 crore ($966.35 million) would be invested by the government in Delhi Metro, which is over 34 percent from the revised estimate of Rs.3,848 crore ($717 million) of the previous fiscal.
Chidambaram also announced a Rs.120 crore ($22 million) grant for the Delhi Metro, which was Rs.100 crore ($ 18 million) in previous fiscal.
Delhi Metro has begun construction of its Phase-III project, covering an additional 103 km of the capital; metro tracks extend over nearly 190 km at present.
Phase III is likely to be completed by 2016.
Currently, Delhi Metro ferries nearly two million passengers each weekday, and makes over 2,800 trips daily.