The Mumbai Metropolitan Region (MMR) aims to double its GDP from USD 140 billion to USD 300 billion in the next five years, as outlined by NITI Aayog. This plan requires USD 125-135 billion in private sector investments and focuses on seven growth drivers, including making Mumbai a global services hub, enhancing affordable housing, and boosting tourism. Key strategies also include modernising infrastructure, slum redevelopment, and unlocking underutilised land potential. Achieving these targets could create up to 20 million jobs by 2047, significantly contributing to India's economic landscape and elevating its per capita GDP.
The Mumbai Metropolitan Region (MMR) is gearing up for a significant economic transformation, with the NITI Aayog setting an ambitious goal of doubling the region's GDP from USD 140 billion to USD 300 billion over the next five years. This strategy, put forth in a meeting between NITI Aayog officials and Maharashtra's Chief Minister Eknath Shinde, emphasises the importance of leveraging seven key growth drivers to attract between USD 125 billion to USD 135 billion in private sector investments.
To achieve this target, NITI Aayog has identified critical areas for development. These include positioning Mumbai as a global services hub, enhancing affordable housing, boosting tourism, and establishing an integrated industrial and logistics centre. Furthermore, the focus will be on modernising infrastructure to meet international standards and addressing urban challenges through strategic city development.
The economic roadmap outlined by NITI Aayog illustrates a clear vision for MMR to evolve into a USD 1.5 trillion economy by the year 2047. To make this a reality, the region will need to increase its current growth rate from 6.1% to a compound annual growth rate (CAGR) of 9-10%. This will necessitate the acceleration of major projects, which currently amount to USD 65 billion, involving a total of 30 ongoing projects and various policy reforms aimed at enhancing efficiency across different sectors.
An essential aspect of the implementation strategy focuses on unlocking the potential of underutilised land. The redevelopment of Mumbai Port Trust (MbPT) land and addressing slum redevelopment are pivotal areas highlighted by the NITI Aayog report. The state government has signalled its intention to work closely with the Centre to reform policies governing the redevelopment of land owned by central agencies. The presence of encroachments on many of these lands presents a significant barrier that needs urgent attention for the planned economic initiatives to take off.
Moreover, to support a data-driven economic approach, discussions have taken place about establishing a comprehensive sectoral team to streamline efforts. This "war room" concept would consolidate multiple agencies handling different aspects of development, thereby enhancing overall efficiency. Maharashtra's Deputy Chief Minister Devendra Fadnavis emphasised the necessity of strengthening infrastructure, particularly the data centre hub in Navi Mumbai, which is critical to meeting 60% of the region's data needs due to improved connectivity through the Mumbai Trans Harbour Link.
In addition to these targeted initiatives, Chief Minister Eknath Shinde noted that his administration is prioritising investment in infrastructure, housing, and transportation. Recent sanctions for investment projects totaling INR 80,000 crore reflect a proactive approach to cultivating MMR's economic landscape. The state is also looking to develop its extensive coastline of 720 km to promote tourism, which is expected to further contribute to the economy.
The broader implications of achieving these economic goals are profound. As outlined by NITI Aayog CEO BVR Subrahmanyam, reaching a GDP of USD 300 billion by FY 2030 could create between 12.5 million and 12.8 million new jobs, potentially increasing to 20 million by FY 2047. This growth is also expected to elevate India's per capita GDP significantly-from USD 10,000 to USD 12,000 by FY 2030 and up to USD 38,000 by FY 2047.
In summary, the strategy laid out by NITI Aayog for the Mumbai Metropolitan Region represents a dynamic plan to harness growth and development through targeted investments and structured reforms. Achieving these objectives will not only transform MMR into a robust economic powerhouse but will also set a precedent for other Indian cities looking to drive their own economic growth agendas.
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