Centre to raise ₹70,000 cr to develop rivers as waterways.

The Centre is looking to harness the country's 50,000-km of sea and river fronts as waterways and mulls innovative ways of financing to raise ₹70,000 crore to develop these stretches in the first phase, Union Minister for Road Transport, Highways and Shipping Nitin Gadkari said recently.

Passing the crucial Bill to declare 111 rivers across the country as National Waterways last week, Parliament has paved way for development of these stretches as transport carriers. So far, only five of the river stretches were declared as National Waterways.

“India has its unique advantage. Its 14 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 we have about 50,000 km of waterways which on development will change the face of India,” Gadkari said.

Besides budgetary support, multilateral funds, public-private-partnership and market borrowing would be explored. Access to funds such as National Clean Energy Fund (NCEF) and Central Road Fund (CRF) will also be required because of environment benefit of IWT, he said.

“We would not have any dearth of funds. In this year’s budgetary allocation, ₹800 crore have been provided for development of waterways while we can raise another ₹800 crore through issuing tax free bonds.

“ “With all these measures, we will generate enough funds to revolutionise India’s waterways,” the Minister said.

HBL