Shipping minister Arun Jaitley moved the Inland Waterways Authority of India (IWAI) (Amendment) Bill, 2001 in the Rajya Sabha today.
The amendment will ensure that the Inland Waterways Authority of India (IWAI) is empowered to raise bonds from the market and mobilise funds like other infrastructure sectors, enlarging its role to enter into commercial/joint ventures, limited equity participation by the government in built-operate-transfer (BOT) projects on a case-to-case basis, tax exemption to investors in the sector, enhancement in depreciation applicable to ocean-going vessels, introduction of vessel building subsidy of 30 per cent and levy of minimum customs duty on imported equipment and machinery to be used for the development of inland waterways.
The minister said that additional support measures, recently announced by the government as part of the Inland Water Transport Policy, aim at promoting a more active role by various agencies involved in the development of this sector.
It envisages to enlarge the scope and role of the government as a provider, facilitator and regulator and at the same time, offers various concessions/subsidies to the private sector for its participation by way of investment for the creation of enhanced inland water transport infrastructure and fleet operations.
The IWAI Amendment Bill, 2001 seeks to provide for a provision of not more than three full-time members and not more than three part-time members. At present there is a provision for a maximum of three members.
