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Canara Bank, IWAI in tie-up

Canara Bank and the Inland Waterways Authority of India have joined hands to develop schemes that can incentivize entrepreneurs whou would invest in inland water vessels. Amitabh Verma, chairman, IWAI said the proposal is at an advanced stage of consideration by the government. According to an official of Canara Bank, the bank had carried out a study in which it was found that there are positive cash flow options if the government subsidizes vessel costs by 10% to 15% for inland waterways. As part of the anniversary of the NDA government, the shipping ministry had announced it is working on a proposal to develop 300 lighthouses and 1100 islands as tourist destinations. The Cochin Shipyard is also working on the first model of a hovercraft that can operate on land and water for a cost of Rs 5 crore, instead of Rs 50-60 crore. Minister for transport Nitin Gadkari said the shipping ministry is trying to extend subsidies to the shipbuilding sector and incentivize movement on water bodies.

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