The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday approved the amendment of Central Road Fund Act, 2000 to allocate 2.5 per cent of the proceeds of Central Road Fund (CRF) for development and maintenance of National Waterways (NWs) and a reduction in the share provided for development of National Highways.
The Central Road Fund (Amendment) Bill, 2017 would be moved by the Ministry of Road Transport & Highways in the ensuing Monsoon Session, 2017 of the Parliament.
An allocation of 2.5 per cent of CRF proceeds would provide approximately Rs.2000 crore per annum for the development and maintenance of NWs at existing rates of duties funding the CRF.
The Inland Waterways Authority of India (IWAI) has estimated that approximately Rs. 25,000 crores would be required for development of identified projects on NWs till 2022-23.
It is estimated that 1.8 lakh persons would be provided employment in the Inland Waterways Transport (IWT) sector in the next five years.
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