Earlier, Union Minister Nitin Gadkari had said an umbrella programme for roads - Bharatmala - will hit the ground soon ending all existing highway projects, including the flagship NHDP.
The project is also expected to generate a good amount of employment - 32 crore man days, to be exact.
The economic slowdown has offered the opposition Congress party ample grist for its campaign against Prime Minister Modi ahead of crucial state polls over the next few months leading up to the general elections in 2019.
According to the TOI report, the National Highways Authority of India (NHAI) has already prepared detailed project reports (DPRs) for about 10,000 km of the identified network, which will help faster roll out of projects. The purposes of this project will include connecting economic corridors, boosting border and global connectivity, as well as connecting coastal roads and inter-linking ports.
As about 70% of the works will be undertaken by Indian government funding, still it is a fresh avenue for more people spending to push economically and producing jobs for them. because the remaining, 30% of the works will be covered by market borrowing, auctioning of highway and private investment. The plan will cost Rs 6.9 lakh crore. The official said the highway projects approved on Tuesday also include economic corridor developments aimed at faster movement of cargo.
Lavasa said India's trade with its eastern neighbours will improve due to improvement in road infrastructure till border points.
For the first time ever, monetisation of 82 operating highways under a low-risk TOT model has been initiated with a private investment potential of Rs 34,000 crore.
He said India's mercantile trade with Bhutan, Bangladesh and Nepal was $12 billion and linking Bangladesh-Bhutan-India-Nepal motor vehicles agreement and India-Myanmar-Thailand trilateral highway will make India's northeast region "a hub of East Asia trade".
To boost border roads and worldwide connectivity, the government approved construction of 2,000 km of roads along the eastern and western borders of the country.
He said 2,100 km of coastal roads will be built to boost tourism and industrial development and 2,000 km for port connectivity. It is the country's second-largest highways project after the National Highway Development Project that saw development of about 50,000 km of roads and highways. In addition, 5,411 km of roads will be upgraded and new roads will be completed in three years in the districts affected by Left Wing Extremism.