Mumbai: In a bold move to elevate Mumbai’s status on the global stage, Niti Aayog has unveiled a comprehensive master plan to develop the Mumbai Metropolitan Region (MMR) into a world-class financial center. The commission’s report highlights the region’s immense potential and outlines a need for a staggering $50 billion investment in infrastructure to spur rapid economic growth and enhance livability.
Key Highlights of the Master Plan:
- Revamping Underutilized Land:
- Port Trust Land: 253 hectares of land under the Mumbai Port Trust will be developed, drawing parallels to successful urban port redevelopments in London and Shanghai.
- Slum Rehabilitation: Slums on lands owned by the Airports Authority of India (AAI), Defense Department, and Railways will be rehabilitated to make way for modern infrastructure.
- Infrastructure Investments:
- Ongoing Projects: Over $50 billion is already being invested in projects like the 337 km metro rail, Wadhawan port, Navi Mumbai International Airport, Alibaug-Virar Multimodal Corridor, Versova Virar Sea Link, and the high-speed rail connecting Mumbai to Ahmedabad.
- Future Projects: The Economic Master Plan includes 30 key projects set to be completed in the next five to six years, with Maharashtra aiming to attract $125-135 billion in private sector investment.
- Economic and Social Goals:
- GDP Growth: The plan aims to boost MMR’s GDP from $140 billion (₹12 lakh crore) to $300 billion (₹26 lakh crore) by 2030, and to an astounding $1.5 trillion by 2047.
- Job Creation: The target is to create 2.5-2.8 million new jobs by 2030, with a focus on increasing women’s participation in the workforce.
- Income Growth: Per capita income is expected to rise from $5,248 to $10,000-12,000 by 2030, and to $38,000 by 2047.
- Sectoral Development:
- Global Service Hub: Establishing MMR as a hub for financial services, fintech, AI, health, and media.
- Affordable Housing: Construction of 3 million affordable houses, including slum rehabilitation.
- Tourism and Entertainment: Expansion of tourism and entertainment centers, with a focus on beach, cruise, and nature tourism.
- Logistics Hubs: Developing logistics hubs near ports and creating additional storage capacity of 60-70 million square feet by FY 2030.
Collaboration with World Economic Forum:
To further this vision, the World Economic Forum and the Mumbai Metropolitan Region Development Authority (MMRDA) have signed a coordination agreement. This partnership aims to leverage global expertise to transform Mumbai into a leading global financial center.
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