Mumbai Metropolitan Region (MMR), which is currently witnessing development of slew of transport infrastructure projects, can become a major development hub with a potential of increasing its GDP to $300 billion from the present $140 billion, according to the NITI Aayog in its presentation made on Tuesday by its CEO BVR Subrahmanyam to the Chief Minister Eknath Shinde. CM, who was accompanied by Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar, announced that the state government in association with NITI Aayog will prepare a master plan for the economic transformation of the MMR. He further said that NITI Aayog will present a blueprint in this regard by December this year.
Subrahmanyam in his presentation said that the MMR has a massive potential to be an economic growth engine. MMR’s present GDP of $140 billion is higher than Portugal, Colombia, Saudi Arabia, Malaysia, Israel, Chile. The economic transformation is needed as Mumbai’s population will increase to a record 70 crore by 2030 from the present level of 2 crore.
In the last 5 years, the growth rate of Mumbai metropolis is 5.5 percent. If MMR’s GDP has to increase to $300 billion, an additional investment of $150 billion is required. Subrahmanyam pointed out that The states of Gujarat, Maharashtra, Karnataka and Punjab will have 50 percent urban population by 2030 and argued that there was a need to increase the economic capacity of such important cities.
According to Subrahmanyam, Maharashtra has the highest contribution of 13 percent to the total GDP of the country. He emphasised that the growth rate cannot be increased by merely carrying out infrastructure development but economic transformation of MMR is needed.
CM said a team of senior officers and a nodal officer will be appointed to prepare a master plan for MMR’s economic transformation as per the NITI Aayog CEO’s suggestion. Subrahmanyam has suggested that the development of all other cities in the state should be carried out in a similar manner in a phased manner on the lines of MMR.
Economic development through development of various sectors
While planning the economic development of Mumbai, emphasis will be placed mainly on employment, infrastructure as well as proper use of land, fiscal policy. The economic transformation can be achieved by the development of MMR through Mumbai Metropolitan Region Development Authority and in addition the government will provide finances through various resources and give incentives to boost infrastructure such as power, roads. Adequate emphasis will be placed on the development of construction, hospitality, manufacturing, tourism, financial services, education, health, transport and logistics.
Use of space from BPT
CM said steps will be taken for the economic development of Mumbai and its surroundings with the coordination of the Centre. ‘’The Mumbai Port Trust owns a large parcel of land and its use can help promote economic development and transformation of Mumbai. The state government will seek the Centre’s coordination and pursue it with it. The Eastern Coast can also be developed and beautified like Marine Drive. In the last one year, with the guidance of Prime Minister Narendra Modi, many development works have been speeded up on a large scale and many of these projects will be completed by 2024. Some of them include Samruddhi Mahamarg, Mumbai Pune Missing Link and Mumbai Coastal Road,’’ he added.
CM said that the government will develop growth centers along the Samruddhi Mahamarg and also where the proposed Mumbai Trans Harbour Link ends.
