Maharashtra, WEF Team Up for Mumbai's Economic Growth

The Maharashtra government is set to unveil a major initiative aimed at transforming the Mumbai Metropolitan Region (MMR) into a leading global economic hub. The state will release a report prepared by NITI Aayog, outlining a roadmap to elevate the MMR’s economy from its current $140 billion to $300 billion. This announcement will be followed by the signing of a memorandum of collaboration between the Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF).

Chief Minister and MMRDA Chairman Eknath Shinde will oversee the event, with Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar also in attendance. Prof. Klaus Schwab, the founder and executive chairman of the WEF, will be the guest of honor.

This strategic move comes shortly after the establishment of a 22-member steering committee, led by the Chief Secretary, comprising senior bureaucrats, district collectors, municipal commissioners, and CEOs. The committee is tasked with ensuring the swift implementation of NITI Aayog’s recommendations, focusing on attracting foreign direct investment, boosting startup growth, and generating employment within the MMR.

A senior minister from the MahaYuti government highlighted the significance of the collaboration with WEF. “The partnership between MMRDA and WEF is crucial for realizing our vision of making MMR a global economic powerhouse, given its strategic position,” the minister said. Historically, MMR has grown at a rate of 6.1% annually from FY 2012-2020, surpassing Maharashtra’s growth rate of 5.8% but trailing behind India’s 6.6%. Currently, MMR, encompassing five districts and nine municipal corporations, supports a population of 25.8 million and provides 10 million jobs. According to NITI Aayog, the region has the potential to expand to a $300 billion economy by 2030 and reach $1.5 trillion by 2047, which would be instrumental in Maharashtra achieving its $1 trillion economy goal.

NITI Aayog's report underscores the positive growth trajectory of MMR, bolstered by over $50 billion in ongoing infrastructure investments. Key projects include the 337 km metro rail, Vadhvan port, Navi Mumbai International Airport, Alibaug-Virar Multi-Modal Corridor, Versova-Virar Sea Link, and the high-speed rail connecting Mumbai and Ahmedabad.

The report advocates for the development of a 250-hectare area of the Mumbai Port Authority land to create jobs through services, housing, and tourism. It also emphasizes the need to redevelop 220,000 slum dwellings (housing around 1 million people) on government-owned land in alignment with the Prime Minister’s Housing for All Scheme. Additionally, NITI Aayog envisions MMR evolving into a major global aviation hub and a premier MICE (meetings, incentives, conferences, exhibitions) destination, competing with Dubai and Singapore.

Furthermore, the report calls for significant enhancements in the Ease of Doing Business rankings, recommending streamlined approvals from the Ministry of Environment and Forest and the Airport Authority of India to boost MMR’s attractiveness as an investment destination.