Maharashtra Cabinet Approves ₹31,000 Crore for Major Road Projects
Maharashtra Cabinet clears road projects worth over ₹31,000 crore
Image: The Indian Express
The Maharashtra Cabinet has approved road projects exceeding ₹31,000 crore, enhancing 1,500 km of major roads and 6,000 km of rural roads. Funding will come from the Asian Infrastructure Investment Bank and the New Development Bank, with a focus on improving connectivity and economic corridors over three years.
- 01The Maharashtra Road Improvement Project will enhance 1,500 km of major roads with ₹24,884 crore allocated, funded by AIIB and NDB.
- 02The Asian Infrastructure Investment Bank and New Development Bank will each provide USD 1 billion in two phases for the road improvements.
- 03The Mukhyamantri Gram Sadak Yojana Phase III will receive ₹6,429 crore to improve 3,500 km of rural roads and bridges, funded by AIIB.
- 04An additional 2,500 km of rural roads will be funded by the state, totaling 6,000 km under the rural roads initiative.
- 05The AIIB loan for rural roads will be repaid over 25 years, including a five-year grace period.
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On Tuesday, the Maharashtra Cabinet approved road projects valued at over ₹31,000 crore, aimed at enhancing both major and rural roads across the state. The Maharashtra Road Improvement Project will receive significant funding from the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB), each contributing USD 1 billion in two phases. This project will improve approximately 1,500 km of major roads, with a focus on key economic corridors experiencing heavy traffic. Additionally, the Cabinet sanctioned ₹6,429 crore for the Mukhyamantri Gram Sadak Yojana Phase III, which aims to enhance around 3,500 km of rural roads and bridges, bolstered by a loan of ₹4,500 crore from AIIB. The state will also allocate funds for an extra 2,500 km of rural roads, bringing the total to 6,000 km. These initiatives are expected to significantly improve connectivity for villages, markets, and essential services, facilitating easier transportation for farmers and enhancing overall infrastructure in Maharashtra.
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The road projects will enhance connectivity for rural areas, aiding in transportation of agricultural produce and access to markets and healthcare.
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