Talking to mediapersons after the weekly Cabinet meeting, Joshi said while Crisil has passed adverse remarks, another rating organisation, Credit Analysis and Research (CARE), has given a clean chit to the alliance government.

Joshi said, ``In an official communication, CARE has lauded the government for the programmes launched by the regional irrigation development corporations.''

Apparently, Crisil has taken into account State's overall financial position and also the additional burden of Rs 5,000 crore on the State exchequer owing to implementation of the Fifth Pay Commission's recommendation. ``Crisil's observations are unacceptable to my government, which has undertaken massive welfare schemes. When we take schemes of such a large magnitude, one has to take some financial risk. Wehave accepted the challenge without worrying about criticism from any quarters,'' Joshi pointed out.

Endorsing the Chief Minister's views, Irrigation Minister Eknath Khadse said, despite down gradation by Crisil, the bonds floated by the Krishna Valley Development Corporation and other regional irrigation development corporations has been encouraging.

``In its report, Crisil's only objection was the inadequate budgetary support for the Rs 7,000 crore project. Barring this objection, Crisil has not raised any other dispute,'' Khadse added. He said, in the next budget necessary provision will be made for the purpose, so that there will be no grudge from any quarters.

Replying to a question, Khadse said his government has changed its earlier plan on utilisation of 594 TMC water alloted to it by the Krishna Water Disputes Tribunal. ``We were planning to utilise the entire water in next three years as per the award. However, now we will restrict ourselves to only impounding the allotted quantity of water,''Khadse added. In view of the changed plan, the department will require less funds and at the same time, impound the entire share.

``Had we drafted a plan for complete utilisation of water, we would have required a total of Rs 11,000 crore. Now, we will require Rs 6,614 crore, out of which we have already spent Rs 3,014 crore,'' Khadse pointed out.

Khadse said as per alliance government's promise, Rs 853 crore was utilised in 1996-97, Rs 1,336 crore in 1997-98 and Rs 824 crore till December 1998, while more than 3.49 lakh hectares of land has been under irrigation in the Krishna Valley projects' area. ``In addition, we have also paid Rs 269.53 crore on payment of interest to bond-holders,'' he added.

The Irrigation Minister said for the Krishna Valley Development Corporation, a target raising Rs 150 crore through bonds was fixed in the first phase, however, Rs 427 crore was collected. Similarly, for the remaining four phases too, amount more than the target was collected. The response to the bondsfloated by the Vidarbha Irrigation Development Corporation, Tapi Valley Development Corporation and Konkan Irrigation Development Corporation was more or less similar.

``The investors have reimposed their faith in the alliance government. This is evident from the unprecedented response to the bonds,'' Khadse added.