Cabinet approves allocation of 2.5 per cent of Central Road Fund for development of National Waterways

Cabinet approves allocation of 2.5 per cent of Central Road Fund for development of National Waterways

Question: The proposal for allocation of 2.5 percent of Central Road Fund for development of National Waterways was made by…
a) Ministry of Shipping
b) Ministry of Road Transport & Highways
c) Both (a) and (b)
d) None of the above
Ans: (c)

  • The Union Cabinet chaired by Prime Minister Narendra Modi approved a proposal to allocate 2.5 per cent of the proceeds of Central Road Fund (CRF) for development and maintenance of National Waterways (NWs).
  • The proposal was jointly mooted by the Ministry of Shipping and the Ministry of Road Transport & Highways for amendment of Central Road Fund Act, 2000 to enable this allocation.
  • The Cabinet has also directed to explore done on public private partnership option and government funding should be used only if private investment is not forthcoming for any component.
  • 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.
  • The Inland Waterways Authority of India (IWAI) has estimated that approximately Rs. 25,000 crore would be required for development of identified projects on NWs till 2022-23.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=162091