Govt looking to harness 50,000 km waterfront, raise Rs 70,000 crore: Nitin Gadkari

14 Mar 2016 Evaluate

Road Transport, Highways and Shipping Minister Nitin Gadkari has said that the government is looking to harness the country's 50,000 km of sea and river fronts as waterways. Further, he said that the government is also mulling innovative ways of financing to raise around Rs 70,000 crore to develop these river stretches into navigable transport ways. Parliament has passed the crucial bill to declare 111 rivers across the country into National Waterways. This has paved way for development of these stretches as transport carriers. So far, only five of the river stretches were declared as National Waterways.

Gadkari said that India has its unique advantage as 14 of its states are bestowed with 7,500 km of coastline with 14,500-km of potentially navigable waterways. In addition, 116 rivers across the country provide 35,000 km of navigable stretches. In total the country has about 50,000 km of waterways which on development will change the face of India. He said that the government is committed to aggressively work to develop these as the environment-friendly mode of transport which is bound to decrease significantly the huge 18 per cent logistics cost in India.

Highlighting the funds required, he said that there will be no dearth of funds as in this year's budgetary allocation, Rs 800 crore have been provided for development of waterways and another Rs 800 crore can be raised through issuing tax free bonds. The ports will have profit to the tune of Rs 6,000 crore this fiscal which will gradually increase. Besides, they have fixed deposits worth Rs 8,000 crore. He further said that the bank is ready to provide Rs 50,000 crore loan in dollar terms at a very low rate of interest of 2 per cent. Besides budgetary support, multilateral funds, public-private-partnership and market borrowing would be explored. Access to funds like National Clean Energy Fund (NCEF) and Central Road Fund (CRF) will also be required because of environment benefit of IWT. The minister said 'With all these measures, we will generate enough funds to revolutionise India's waterways'.

Parliament on March 9 gave nod to a bill to convert 111 rivers across the country into National Waterways. The bill provides for enacting a central legislation to declare 106 additional inland waterways as the national waterways in addition to five existing national waterways.

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