The government is also planning to build over 200 rail over bridges.
A senior road ministry official said the Cabinet will be apprised of 'Bridging India' project soon.
The government had asked states to give a list of bridges which are in dilapidated condition and require refurbishing. States had given a list of 1,000 bridges, of which the Centre selected 150.
The government is already planning the ambitious 'Bharatmala' project, a road connecting India's west coast with east coast at a cost of around Rs 14,000 crore.
Ministries of Railways and Road Transport last year had signed an agreement to facilitate speedy clearance of rail over and under bridges along national highway corridors.