Maha Govt releases NITI Aayog report on MMR to be developed as global economic hub, MMRDA & WEF inks memorandum of collaboration
SANJAY JOG
The Maharashtra Government on Thursday released a report prepared by the NITI Aayog for the development of Mumbai Metropolitan Region (MMR) as a global economic hub with its economy worth $300 billion (Rs 26 lakh crore) from the present level of $140 billion (Rs 12 lakh crore) and to $1.5 trillion by 2047. This was followed by the exchange of Memorandum of Collaboration between the Mumbai metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF). The Chief Minister Eknath Shinde chaired the function and it took place in the presence of DCM Devendra Fadnavis while WEF Founder and Executive Chairman Prof Klaus Schwab was the guest of honour.
The NITI Aayog report presents a comprehensive approach to developing the MMR as a global economic hub and highlights its unprecedented growth potential. According to the report, nearly 25-218 lakh new jobs will be created with particular focus on increasing women’s participation in the workforce.?
The per capita income is expected to increase to $10,000-12,000 by 20230 from the present level of $5,248 and to further grow to $38,000 by 2047.
NITI Aayog has recommended some important strategies for the transformation of MMR. This includes establishment of MMR as a global service hub for industries such as financial services, fintech, AI, health, and media, construction of 30 lakh affordable houses including slum rehabilitation, expansion of tourism and entertainment centers and development of beaches, cruises and nature tourism in particular. Further, it has suggested the development of logistics hubs near ports and creating additional warehousing capacity of 60-70 million square feet by FY 2030.
The MMRDA’s association with WEF will be crucial for achieving the objective of MMR’s development as a global economic hub considering its strategic location. Historically, MMR grew at 6.1% (FY 2012-2020, real) against Maharashtra at 5.8% and India at 6.6% CAGR. At present, MMR is a $140 billion economy across five districts and covering 9 municipal corporations with 25.8 million population and 10 million jobs. NITI Aayog in its report has clearly indicated that MMR can grow into a $300 billion economy 2030 and $1.5 trillion economy by 2047. This will be quite helpful for Maharashtra to become a $1 trillion economy.’’
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NITI Aayog said that MMR is on a positive growth trajectory on the back of $50 billion plus ongoing infrastructure investments including 337 km metro rail, Vadhvan port, Navi Mumbai International Airport, Alibaug-Virar Multi Modal Corridor, Versova Virar Sea Link, high speed rail connecting Mumbai-Ahmedabad among others.
NITI Aayog has strongly recommended the unlocking and development of a 250 hectare land of Mumbai Port Authority for job creation through services, housing and tourism/culture. It has emphasised the need to facilitate redevelopment of 2.2 lakh slum holders (10 lakh people) on the Government of India land (port, defence and railway lands) in line within the Prime Minister’s Housing for All scheme and push the development of MMR as global aviation hub and MICE (meetings, incentives, conferences, exhibitions) destination rivalling Dubai and Singapore.
Moreover, NITI Aayog has suggested a significant increase in Ease of doing business with ministry of environment and forest and Airport Authority of India approvals to make MMR an attractive investment destination.?
The Chief Minister Eknath Shinde said that with the memorandum of collaboration between MMRDA and WEF, Mumbai's dream of becoming a global financial center has come into sight. ‘’If Mumbai transforms, it will bring in changes in Maharashtra and in the country. Maharashtra with its $1 trillion economy target will contribute in a big way to the country’s aim of becoming a $5 trillion economy,’’he added.
Deputy Chief Minister Devendra Fadwanis said that the NITI Aayog report has strengthened the steps taken by the state government to become a $1 trillion economy.
Prof Schwab in his address said that Mumbai has now firmly established itself as one of the great international cities—on par with Singapore, Shanghai, and London, embodying the best of the business spirit. He also noted Mumbai’s growing infrastructure as a key driver for the future, emphasizing the city's preparedness for what he termed the "intelligent age."
"I am very optimistic about the future of this city. The speed of its infrastructure development is remarkable, and it is positioning itself well for the intelligent age—where modern technology will be integrated into every aspect of how we work, live, and communicate," remarked Prof Schwab.?
Prof Schwab reiterated his optimism for the future collaboration between the World Economic Forum and the state of Maharashtra. ‘’We are committed to working together to build a sustained, resilient, and inclusive economy that benefits all. The partnership between the World Economic Forum and Maharashtra, which began in Davos, will only strengthen as we move forward together to address the global agenda,"he said.