Mumbai: The Maharashtra govt, which is pursuing its lofty goal of a one trillion dollar economy, will unveil a report authored by NITI Aayog on the development of the Mumbai Metropolitan Region (MMR) as a global economic hub with a 300 billion dollar economy from its current 140 billion. The Mumbai Metropolitan Region Development Authority (MMRDA) will then sign a memorandum of engagement with the World Economic Forum (WEF).
Chief Minister and MMRDA Chairman Eknath Shinde will chair the event, which Deputy CMs Devendra Fadnavis and Ajit Pawar will attend. Prof Klaus Schwab, WEF founder and executive chairman, will be the guest of honour at the function.
The state government’s action follows the establishment of a 22-member steering committee chaired by the Chief Secretary, comprising bureaucrats, district collectors, municipal commissioners, and CEOs of its undertakings. This committee will play a crucial role in overseeing the swift implementation of NITI Aayog’s recommendations, intensifying efforts to attract and retain foreign direct investment, and promoting startup and employment generation in the MMR. Their diligent oversight will ensure the effective execution of these plans.
NITI Ayog’s positive outlook on MMR
A senior minister from the MahaYuti government said, “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, MR grew at 6.1 per cent (FY 2012-2020, real) against Maharashtra at 5.8 per cent and India at 6.6 per cent CAGR. At present, MMR is a 140 billion dollar economy across five districts and covers nine municipal corporations with 25.8 million population and 10 million jobs. NITI Aayog, in its report, has indicated that MMR can grow into a 300 billion dollar economy by 2030 and a 1.5 trillion dollar economy by 2047. This will be quite helpful for Maharashtra to become a 1 trillion dollar economy.”
NITI Aayog said that MMR is on a positive growth trajectory due to major ongoing infrastructure investments. These include a 337 km metro rail, Vadhvan port, Navi Mumbai International Airport, Alibaug-Virar Multi-Modal Corridor, Versova Virar Sea Link, and a high-speed rail connecting Mumbai-Ahmedabad. Once completed, these projects will significantly enhance the region’s connectivity and economic potential.
The Aayog has strongly recommended the unlocking and developing a 250-hectare land of the Mumbai Port Authority for job creation through services, housing and tourism/culture. It has emphasised the need to facilitate the redevelopment of 2.2 lakh slum holders (10 lakh people) on the Government of India land (port, defence and railway lands) in line with the Prime Minister’s Housing for All Scheme and push the development of MMR as a 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 the Ministry of Environment and Forest and Airport Authority of India approvals to make MMR an attractive investment destination.
For more updates Subscribe to Media Eye News
Sanjay Jog –IANS
