The Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF) have signed a Memorandum of Understanding (MoU) to transform Mumbai into a global financial center. Chief Minister Eknath Shinde highlighted expectations for Mumbai's GDP to double and emphasized the creation of a special central cell within MMRDA to drive this vision. Deputy Chief Minister Devendra Fadnavis outlined initiatives like the Atal Setu-MTHL bridge and port expansions to boost infrastructure and the digital economy. The MoU aligns with the NITI Aayog's report, aiming to increase the region's GDP to $1.5 trillion by 2047, create 25-28 lakh jobs, and establish Mumbai as a leading global fintech and financial hub.
The Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF) have signed a Memorandum of Understanding (MoU) to turn Mumbai into a global financial center. This agreement marks a major step towards boosting economic growth and infrastructure in the region.
Chief Minister Eknath Shinde expressed optimism, stating that Mumbai's Gross Domestic Product (GDP) is expected to double in the coming years. He emphasized that transforming Mumbai into a global financial hub would bring significant changes not only to Maharashtra but also to India. Deputy Chief Minister Devendra Fadnavis added that the NITI Aayog has strengthened efforts to achieve Maharashtra's goal of becoming a one-trillion-dollar economy.
The MoU was signed at the Sahyadri State Guest House, where the NITI Aayog report on developing the Mumbai Metropolitan Region (MMR) as a 'Global Financial Hub' was also released. Metropolitan Commissioner Vikram Kumar of MMRDA and WEF's Founder and Executive Chairman, Professor Klaus Schwab, signed and exchanged the agreement. Several key government officials, ministers, and industry leaders were present at the event.
Chief Minister Shinde highlighted the importance of the MMR as a potential global fintech capital and mentioned that Maharashtra aims to contribute one trillion dollars to the economy. He announced the establishment of a special central cell in MMRDA to realize this vision. The development plan includes Mumbai and the surrounding districts of Palghar, Thane, and Raigad, focusing on building data centers, expanding the Dighi port, and enhancing tourism through its beaches.
Deputy Chief Minister Fadnavis described the MoU and the NITI Aayog report as historic moments that will transform the lives of citizens. He emphasized the state's focus on infrastructure development in Mumbai, including projects like the Atal Setu-MTHL bridge, which will create a technology hub and boost the digital economy. Fadnavis also mentioned how initiatives like the expansion of the port, bullet train projects, and the Virar-Alibag corridor would further accelerate the region's development.
Professor Schwab praised the NITI Aayog report, describing it as a comprehensive blueprint for growth. He highlighted the emphasis on social change, environmental sustainability, and world-class infrastructure, predicting that Mumbai would become one of the top seven metropolises globally.
The report outlines an ambitious growth plan for MMR by 2030 and 2047, including increasing the GDP from USD 140 billion to USD 300 billion by 2030 and USD 1.5 trillion by 2047. The plan also aims to create 25-28 lakh new jobs, especially for women, and increase per capita income. Key strategies include establishing MMR as a global hub for various industries, constructing affordable housing, expanding tourism, and developing logistics hubs near ports.
The partnership between WEF and MMRDA reflects a commitment to sustainable development and global competitiveness. MMRDA is actively implementing mega infrastructure projects to improve the quality of life for the region's 25 million citizens, positioning Mumbai as a leading global financial hub.
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