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January 2018
 |
Ganga (The Total
Investment & Insurance Solutions)
The
Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi,
on Wednesday approved Jal Marg Vikas Project (JMVP) for capacity augmentation
of navigation on National Waterway-1's (Ganga river) 1,380-km Haldia-Varanasi
stretch. The Total Investment & Insurance Solutions
According
to a cabinet communique, the Rs 5,369 crore project, which is expected to be
completed by March 2023, will bring down the logistic cost in the country and
lead to major infrastructure development like multi-modal and inter-modal
terminals, roll on-roll off (Ro-Ro) facilities, ferry services, and navigation
aids. The Total Investment & Insurance Solutions
The
JMVP will create an alternative mode of transport that will be
"environment friendly and cost effective" and generate
"huge" employment, it said.
"NW-1
development & operations will lead to direct employment generation to the
tune of 46,000 and indirect employment of 84,000 will be generated by vessel
construction industry," said the release.
The
World Bank has provided technical assistance and financial support to the
project, which will cover states of Uttar Pradesh, Bihar, Jharkhand and West
Bengal. The Total Investment & Insurance
Solutions
Union
Finance Minister Arun Jaitley had announced the JMVP in his July 2014 Budget
speech to enable commercial navigation of at least 1,500 tonnes vessels in
Ganga. The Total Investment & Insurance
Solutions
The
International Bank for Reconstruction and Development (IBRD) has pledged a loan
of $375 million (Rs 2, 512 crore) for the project while the Indian government
will incur expenses of Rs 2,556 crore - to be sourced from budgetary allocation
and proceeds from bond issue.
Private
sector participation in the project under Public-Private Partnership mode will
be Rs 301 crore.The Total Investment & Insurance
Solutions
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