New Delhi [India], Dec 7 (ANI): The Union Cabinet chaired by Prime Minister Narendra Modi has approved the implementation of the Shahpurkandi Dam Project, Punjab on river Ravi. For this, central assistance of Rs. 485.38 crore (for irrigation component) would be provided over five years from 2018-19 to 2022-23, the Centre said on Thursday. It is believed that implementation of this project would help minimising some of the water of river Ravi, which, at present, is going waste through the Madhopur Headworks downstream to Pakistan. Furthermore, on completion of the project, an irrigation potential of 5,000 ha in Punjab and 32,173 ha in Jammu and Kashmir is expected to be created. Funding for central assistance to the Shahpurkandi Dam project shall be made through the National Bank for Agriculture and Rural Development (NABARD) under the existing system for funding of 99 Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)- Accelerated Irrigation Benefit Programme (AIBP) projects under the Long Term Irrigation Fund (LTIF). In addition to existing monitoring mechanism for projects by the Central Water Commission, a committee headed by Member, Central Water Commission and consisting of concerned Chief Engineers of Punjab, Jammu and Kashmir, and other concerned officers would be constituted to oversee/monitor the implementation of the project, the Centre said. The project would be implemented by the government of Punjab with central assistance of Rs. 485.38 crore, and is expected to be completed by June 2022. The balance cost of works component of Shahpurkandi Dam project is Rs. 1973.53 crore (Irrigation component: Rs 564.63 crore, power component: Rs 1408.90 crore) Out of the this, Rs 485.38 crore would be provided as central assistance. The implementation of the scheme, the Centre said, would generate 6.2 lakh man-days employment for unskilled workers, 6.2 lakh man-days employment for semi-skilled and 1.67 lakh man-days employment for skilled workers.