In a bid to accelerate infrastructure development, Government on Friday announced a Rs 60,000 crore (Rs 600 billion) comprehensive initiative covering 48 new road projects and strengthening rail and airport projects for making them globally comparable.

The 2003-04 Union Budget, presented by Finance Minister Jaswant Singh in Parliament, proposed new projects in road, railways, airports and seaports with Rs 2,000 crore (Rs 20 billion) as initial contribution from the Government.

Estimated to cost about Rs 60,000 crore (Rs 600 billion), the initiative includes 48 new road projects with a total length of over 10,000 km, Rail Vikas Yojana for modernisation of Golden Quadrilateral and upgrading Delhi and Mumbai airports to international level.

Besides, sea ports in Navi Mumbai and Cochin are being taken up through new innovative modes of funding.

In the road sector, Government proposes to take up for four-laning at least 3,000 km this year. North-South-East-West corridor of National Highway Development Project would be funded through the additional levy of a cess of 50 paise per litre of diesel and motor spirit.

PTI