Maharashtra Cabinet Approves Road Projects Worth Rs 24,884 Crore

(MENAFN- IANS) Mumbai, June 2 (IANS) The Maharashtra Cabinet chaired by Chief Minister Devendra Fadnavis on Tuesday approved road improvement projects worth approximately Rs 24,884 crore across the state, to be executed through the Public Works Department (PWD).

Minister for Public Works, Shivendra Raje Bhosale, announced that projects worth approximately Rs 24,884 crore will be implemented for the holistic development of state roads with financial assistance from the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB).

Under the Maharashtra State Road Improvement Project, a total financial assistance of $1,000 million (approximately Rs 8,700 crore) will be made available by the AIIB in two phases. During phase 1 of $715 million (Rs 6,221 crore), AAIB will provide $500 million (Rs 4,350 crore) while the state government's share will be of the order of $215 million (Rs 1,871 crore), said the minister.

To accelerate the state's objective of achieving a $1 trillion economy, priority under this scheme will be given to the development of roads within 'Growth Corridors'.

These include routes experiencing traffic density exceeding 5,000 PCU (Passenger Car Units) and commercial traffic accounting for more than 40 per cent of the total volume.

Under the first phase of AIIB funding, the improvement of approximately 750 kilometres of roads will be undertaken by the PWD through an open tendering process on an EPC (Engineering, Procurement, and Construction) basis, said Minister Bhosale.

The initial expenditure for these works will be borne by the State Government, which will subsequently be reimbursed by the multilateral development bank.

On similar lines, the Cabinet has also approved a proposal for road improvement in the state utilizing financial assistance from the NDB.

Under the first phase of this scheme, work on approximately 750 kilometres of roads will be initiated.

Minister Bhosale emphasized that this decision marks a major milestone for the state's infrastructure. The initiative will make Maharashtra's roads safer, higher in quality, and better equipped for heavy traffic.

Furthermore, it is expected to provide a massive boost to the development of the industrial, agricultural, tourism, and commercial sectors across the region.

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