News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
Assam Inland Water Transport Project gets USD 88 mn WB loan

 

By TIOL News Service

NEW DELHI, JAN 17, 2020: THE Government of India, the Government of Assam and the World Bank signed a loan agreement of USD 88 million here yesterday to help modernize Assam's passenger ferry sector that runs on its rivers including the mighty Brahmaputra.

A majority of Assam's more than 361 ferry routes cross the Brahmaputra or serve its islands, providing a crucial means of transport to thousands of commuters in both the urban and rural areas of the Brahmaputra Valley. The Assam Inland Water Transport Project (AIWTP) will help Assam improve the passenger ferry infrastructure and its services and strengthen the capacity of the institutions running the inland water transport. Technically better designed terminals and energy-efficient vessels (both new and retrofitted) will make the ferry services more sustainable with least disruption to nature.

Mr Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance, said that India's large network of inland waterways can play a significant role in the country's economy. Its fuel efficiency contributes to lower operating costs and reduces environmental impact. He further said that in Assam, the rivers are a vital transport asset for its people. The Assam Inland Water Transport Project will help develop a modern, efficient and safe river transport system for the large volume of passengers and cargo carried by the vessels.

The loan agreement was signed by Mr Khare, on behalf of Government of India and Mr Junaid Kamal Ahmad, Country Director (India), World Bank on behalf of the World Bank.

Whereas, the Project Agreement was signed by Mr Adil Rashid, Commissioner (Assam Transport) and State Project Director on behalf of Government of Assam and Mr Kamal Ahmad on behalf of the World Bank.

Mr Kamal Ahmad said that Assam has the largest network of navigable waterways in India. The Government of Assam has taken on the challenge of modernizing the ferries sector which, though vital to the state, remains largely informal. He further said that with World Bank support, the government is creating an institutional framework that will mainstream Inland Waterways as a mode of transport that is both attractive and well-suited to a wide cross-section of people living in the Brahmaputra Valley of Assam.

The project will support the Government of Assam's efforts to corporatise its own ferry activities. The Assam Shipping Company (ASC) will operate the government ferries and the Assam Ports Company (APC) will provide terminals and terminal services on a common-user basis to both public and private ferry operators.

Inland Water Transport is also a more sustainable mode of transport. It provides low-carbon and low-cost options when compared to the cost of constructing and maintaining flood-resilient roads and bridges across the long stretches of the Brahmaputra river.

Mr Atul Agarwal, Senior Transport Specialist and Mr Ninan Oommen Biju, Senior Port Specialist and World Bank's Task Team Leaders for the project said that Assam's ferry services are integral to the lives of the people living in the Brahmaputra valley of Assam, providing them with connectivity, mobility, and livelihoods, adding, that with better navigation aids, appropriate safety gear and more suitable marine engines, the ferry services are expected to get more reliable and safer.

The project will also help build modern ferry terminals. In doing so, the project will draw guidance from 'working with nature' principles that aim to design new infrastructure or rehabilitate existing infrastructure in a way that works with natural river processes.

Today, a quarter of all ferry passengers in the state are women and girls. The ferry terminals have few facilities, with limited seating (if any), or toilets or drinking water and most waiting areas are mostly overcrowded. Traveling on the vessels can be uncomfortable and difficult, particularly for women, children, older people, and for the differently-abled. The project will improve facilities for people using the ferry services and give special attention to the safety and security of women and girls.

The terminals will have better access, lighting and signages while the new vessels will allow for individual seats, and separate toilets. Moreover, a strengthened regulatory regime will ensure reduction in overloading, adherence to time schedule and better crew standards.

Loan of USD 88 million from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14.5 years including a grace period of five years.


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023