India, June 3 -- The state government on Tuesday approved an ambitious road improvement project to modernise key transport corridors across the state, to accelerate Maharashtra's economic ambitions.

The state cabinet cleared the Maharashtra Road Improvement Project, securing financial assistance worth $2 billion from two global lending institutions - Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB).

The project has been pitched as a step towards Maharashtra's goal of becoming a "one-trillion dollar economy". Together, both phases will cover 3,000km and are expected to cost Rs.12,442 crore.

"Priority will be given to high-growth transport corridors, carrying traffic volumes of over 5,000 passenger car units...