Freight Traffic Current Affairs - 2020

Bharatmala Pariyojana delayed

The Bharatmala Pariyojana that was scheduled to be completed in 2021-22 is to be completed by 2025-26. The announcement of delay was announced by the rating agency ICRA (Investment Information and credit Rating Agency).

Highlights

The prevailing COVID-19 crisis could delay the asset monetization plan of National Highway Authority of India (NHAI). Until February 2020, Rs 2.38 lakh crores were awarded to Bharatmala Pariyojana scheme. The average cost awarded to the scheme was Rs 23.8 crores per km. This was 54% higher than the estimated cost of Rs 15.52 crore per crore.

Bharatmala Pariyojana

The scheme was launched for road construction in India. It gives special importance to projects connecting far-flung areas and rural areas. The scheme will build 4-lane highways, move 80% freight traffic, interconnect logistics parks. It will also connect 7 north east Multi-Nodal Waterway ports.

Waterway Ports

There are 111 Inland waterways in India. They were identified under the National Waterways Act, 2016. Out of the 111, 106 were created in 2016.

India-Japan sign Rs 15,295 crores rail project

On March 27, 2020, the JICA (Japanese International Cooperation Agency), a funding agency of the Japanese Government signed an agreement with GoI for 3 mega rail infrastructure projects. The project cost has been estimated as Rs 15,295 crores

Highlights

According to the agreements, Rs 8,553 crores have been granted by the JICA for phase I of the Dedicated Freight Corridors to be constructed in India. Also, JICA has granted Rs 4,262 crores for the Mumbai-Trans Harbour link project. Around Rs 2,480 crores have been granted for the Mumbai Metro Line Project.

Significance

The dedicated freight corridor aims at fulfilling the increased freight transport demand in the country. It will act as a backbone for the Delhi-Mumbai Industrial Corridor development plan.

All the three projects focus on Mumbai as the population in the metropolitan city has increased. Also, several industries have come up in the region. This will also help in reducing pollution levels in the city.