The Planning Commission has given its investment clearance for a 116-crore rupees flood and erosion control project in Majuli, the world's largest river island, in Assam. An official release says, the project titled 'Protection of Majuli Island, Assam from flood and erosion, Phase II and III' is to be completed within the current fiscal year and its cost is estimated at 115.99 crore rupees.The scheme is aimed to ensure economic development and social upliflment of the local population after reconstruction of roads and bridges usually destroyed during floods.AIR correspondent reports, the Vaishnavite tradition and culture, being heritage of Assamese people would also be preserved. The tribal population, which is about 70 per cent of total population, would be the main beneficiary in terms of economic social development.Majuli is the largest fresh water mid-river deltaic island in the world. It is situated in the upper reaches of the river Brahmaputra in Assam.The island, with a population of around 1.6 lakh, is a major abode of Assamese Vashnavite culture and also a biodiversty hotspot.