Explanation:

Third option is correct. The National Waterway 1 or NW-1 or Ganga-Bhagirathi-Hooghly river system is located in India and runs from Haldia to Allahabad across the Ganges, Bhagirathi and Hooghly river systems.
NW-1 is a waterway of national significance passing through Uttar Pradesh, Bihar, Jharkhand and West Bengal, serving the major cities of Allahabad, Varanasi, Ghazipur, Bhagalpur, Patna, Howrah, Haldia and Kolkata, and their industrial hinterland including several industries located in the Ganga basin.

The Jal Marg Vikas Project (JMVP) on NW-1 is being implemented with the financial and technical support of the World Bank. The Project entails development of fairway with 3 meters depth between Varanasi and Haldia (Phase-I) covering a distance of 1380 km at an estimated cost of Rs. 5369 crore with target for completion in six years. The following sub-projects of this Project have commenced:
(i) Construction of Phase – I (A) of the multimodal terminal at Varanasi at a cost of Rs. 169.70 crore.
(ii) Construction of Phase – I of the multimodal terminal at Sahibganj at a cost of Rs. 280.90 crore.
(iii) Construction of new navigation lock at Farakka at a cost of Rs. 359.19 crore.