Budget 2018: With an aim to boost infrastructure development in the country, Prime Minister Narendra Modi has given its approval for implementation of the Jal Marg Vikas Project (JMVP). The project is for capacity augmentation of navigation on NW-1 at a cost of Rs 5,369.18 crore with the technical assistance and investment support of the World Bank, according to the Ministry of Shipping statement. The decision comes three years after Finance Minister Arun Jaitley had announced the JMVP in Budget Speech in July 2014 to enable commercial navigation of at least 1500 tonne vessels on the Ganga river. It has been learnt that the project, once completed, will create over 1.3 lakh indirect jobs. "NW-1 development & operations will lead to direct employment generation to the tune of 46,000 and indirect employment of 84,000 will be generated by vessel construction industry," the Ministry of Shipping statement said. Here is all you want to know about Jal Marg Vikas Project (JMVP) 1. The project is expected to be completed by March, 2023 and will provide an alternative mode of transport that will be environment friendly and cost effective. You may also like to watch [jwplayer HZnW8xIs] 2. The project will contribute in bringing down the logistics cost in the country, the government said adding that it will boost infrastructure development like multi-modal and inter-modal terminals, Roll on - Roll off (Ro-Ro) facilities, ferry services, navigation aids. 3. About the funding part, the government said IBRD loan component will be Rs 2,512 crore (USD 375 million) while the Government of India counterpart funds will be to the tune of Rs 2,556 crore (USD 380 million), to be sourced from budgetary allocation and proceeds from bond issue. Private sector participation under PPP mode would be Rs 301 crore (USD 45 million). You may also like to watch [jwplayer RKrvz1z8] 4. Major components of the project are fairway development, construction of the multi-modal terminals at Varanasi, Sahibganj and Haldia besides construction of inter-modal terminals at Kalughat and Ghazipur and construction of a new navigation lock at Farakka. 5. Besides there will be provision of navigational aids, construction of five pairs of Roll on-Roll off (Ro-Ro) terminals, construction of Integrated Ship Repair and Maintenance Complexes and provision of River Information System (RIS) and Vessel Traffic Management System (VTMS). 6. The government said one of the major problems for a commercially viable and safe navigation on NW-1 is low depth upstream of Farakka due to low discharges from tributaries and difficult hydro morphological characteristics of river Ganga. 7. A pilot study on the Allahabad-Ghazipur stretch was commissioned by Inland Waterways Authority of India (IWAI) to find solutions to this problem. 8. Based on the findings of this study, a proposal for development of NW-1 at an estimated cost of Rs 4,200 crore (USD 700 million) was taken up for seeking technical assistance and investment support from the World Bank to the tune of USD 350 million in three phases.