MUMBAI: Niti Aayog has proposed a master plan for Mumbai’s financial development eyeing an increase in the GDP of Mumbai Metropolitan Region (MMR) from $140 billion to $300 billion.
Maharashtra Chief Minister Eknath Shinde has set up a team of senior officials to work with the Niti Aayog on this. Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar were also present in the meeting with Niti Aayog where the plan was proposed.
According to the proposed plan, even the present GDP of MMR is bigger than that of Portugal, Columbia, Saudi Arabia, Malaysia, Israel, and Chile. It forms the largest chunk of contribution to the country’s GDP at around 13 per cent. Inclusive economic development of MMR is essential for improving infrastructure facilities.
The plan will, therefore, focus on employment, financial policy, infrastructure as well as adequate use of land. CM Shinde said that the land at Bombay Port Trust will also be used for Mumbai’s development for which coordination with the Centre will be maintained.
The Mumbai Metropolitan Region Development Authority (MMRDA) will play an important role in the plan by creating infrastructure and roads. According to the Chief Minister’s office, a similar plan is being prepared for Mumbai, Surat, Vishakhapattanam and Varanasi as well.
In the Mumbai Metropolitan Region Development Authority (MMRDA) Budget for the year 2023-24, the total estimated receipt is Rs 23,689.77 crore, which includes loan from the state Government (sub debt) for Metro Rs 615 crore and revenue from sale of lands Rs 4,217 crore, loans, and borrowings Rs 14,989.43 crore, other receipts Rs 1,877 crore, Government grants Rs 1,190 crore and Urban Transport Fund (UTF) Rs 800 crore.
During 2023-24, the Budget estimated a total expenditure of Rs 28,704.98 crore. As the expenditure is greater than receipts, there is a deficit of Rs 5,014.41 crore. Out of the total estimated expenditure, 94 per cent i.e., Rs 27,079.69 crore, will be spent on road and bridge projects, public transport, and other infrastructure development works. The Budget mainly focuses on the public transport and infrastructure development projects.