Maharashtra Unveils ₹12,442-Crore Road Upgrade Plan, Secures $2 Billion AIIB And NDB Funding
· Free Press Journal
Mumbai, June 2: The Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, on Tuesday approved an ambitious road infrastructure programme that will see key state highways and growth corridors upgraded with financial assistance from two major multilateral lending institutions.
Visit betsport.cv for more information.
The Maharashtra Road Improvement Project (MRIP), cleared at a Cabinet meeting, is expected to significantly enhance road connectivity, improve freight movement and strengthen the state's economic infrastructure.
As part of the project, Maharashtra will secure financial assistance of $1 billion each from the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB). The funding will be availed in two phases, making it one of the largest externally aided road development initiatives undertaken by the state in recent years.
Project to be implemented over three years
The project is designed to upgrade roads across Maharashtra in accordance with standards prescribed by the Indian Roads Congress (IRC). Government officials said the programme will be implemented over a period of three years and will focus on improving the quality, safety and efficiency of major transport corridors.
In the first phase, around 1,500 kilometres of roads will be taken up for improvement. Of this, nearly 750 kilometres will be developed with AIIB funding, while another 750 kilometres will be upgraded under the NDB component.
The works will be executed through the Public Works Department using the Engineering, Procurement and Construction (EPC) model through a competitive bidding process.
Focus on growth corridors and freight movement
The Cabinet has prioritised roads located along key “growth corridors” that witness heavy traffic movement and where commercial vehicles account for more than 40 per cent of total traffic.
These corridors connect important industrial clusters, agricultural belts, logistics hubs and commercial centres across the state. Officials believe that upgrading such routes will improve transport efficiency and reduce travel time for both passenger and freight traffic.
According to the government, the first phase will involve an expenditure of approximately $715 million, comprising $500 million in external assistance and a state contribution of $215 million. This translates to an investment of about Rs 6,221 crore. The total outlay for each of the two phases is estimated at around Rs 12,442 crore.
Also Watch:
Maharashtra Approves Phase 1 Of 14-Lane Virar-Alibaug Multi-Modal Corridor; All About The ₹31,793 Crore Mega ProjectState aims to boost economic growth
The government expects the project to strengthen Maharashtra's road network, reduce logistics costs, improve road safety and facilitate smoother movement of goods.
Officials also see the initiative as a crucial component of the state's broader strategy to accelerate industrial growth and support its goal of becoming a one-trillion-dollar economy.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/