MUMBAI, 12 SEPTEMBER, 2024 (GPN): Mumbai’s dream of becoming a global financial center has come into view due to the MoU between World Economic Forum and Mumbai Metropolitan Region Development Authority- MMRDA. CM Eknath Shinde said here that this will double the GDP of Mumbai in the coming years. Deputy CM Devendra Fadnavis said that NITI Aayog has strengthened the steps taken towards Maharashtra’s One Lakh Crore – One Trillion Dollar Economy.

CM Shinde, Deputy CM Devendra Fadnavis released the NITI Aayog report on developing Mumbai Metropolitan Region (MMR) as a ‘Global Financial Hub’ at Sahyadri State Guest House on Friday. On inking this MOU, MMRDA Metropolitan Commissioner Vikram Kumar and World Economic Forum Founder and Executive Chairman Prof. Klaus Schwab signed and exchanged the contracts.

Industry Minister Uday Samant , School Education Minister Deepak Kesarkar , Public Works Minister Ravindra Chavan , Housing Minister Atul Save , Skill Development Minister Mangal prabhat Lodha , MP Milind Deora , Founder and Executive Chairman of World Economic Forum Prof. Schwab , Mrs. Hilde Schwab , Chief Executive Officer, NITI Aayog b. V. R. Subramaniam , State Chief Secretary Sujatha Saunik , Home Department Additional Chief Secretary Dr. I. S. Chahal , Commissioner and Administrator of Mumbai Metropolitan Corporation Bhushan Gagrani, Additional Chief Secretary to Chief Minister Vikas Kharge , Additional Chief Secretary of Planning Department Rajagopal Deora , Additional Chief Secretary of Urban Development Department Asim Kumar Gupta , Principal Secretary to Chief Minister Brijesh Singh , Metropolitan Commissioner of MMRDA Vikram Kumar , Additional Chief Secretary of Finance Department O. P. Gupta as well as industry , construction and various dignitaries were present.

CM Shinde said , during Ganeshotsav, a very important concept is being launched for Mumbai. It was the dream of Mumbai Metropolitan Region to become a global financial hub. I am very happy that this dream is coming true. Mumbai is a lifeline for all of us. This is an important moment. If Mumbai changes, there will be important changes for Maharashtra and the country as well. The Economic Advisory Council constituted by us for the development of the state has presented recommendations and plans for the development of the state. Niti Aayog has come forward with the concept that this plan will get strength. Niti Aayog has made seven important recommendations for the development of Mumbai on seven islands to become an MMR financial hub. It is believed that Mumbai will become the global fintech capital in the future

The CM added , we are trying to fulfill this resolution. It has been planned that Maharashtra will contribute one trillion dollars. A record investment came from the World Economic Forum held in Davos. Also important industries around the world have given preference to Maharashtra. Big investment will come from this. Also, a large number of employment opportunities will also be available. The global financial center will get strength from this. The Chief Minister also said that a special central cell is being established in MMRDA to realize this concept of MMR Global Financial Centre.

The concept, which includes the districts of Mumbai, Palghar, Thane and Raigad , will transform the area with the addition of a large-capacity data center, the port of Pagarh, Dighi. Wider beaches will also boost the tourism industry. Maharashtra has a favorable environment for industries. Facilities are being provided to investors. Maharashtra is the number one state in India to receive foreign investment.

Deputy CM Fadnavis said that NITI Aayog has brought a very important report at the right time. Both this report and the Memorandum of Understanding are a historic moment. This will bring about a radical change in the lives of the citizens. Economic development planning can do justice to many sectors. In this, many factors related to the life of the citizens have been carefully considered. Over the past few years, we have focused on promoting various projects including infrastructure in Mumbai. Due to this, Mumbai is leading the development in many sectors. A third Mumbai is emerging with the Atal Setu – MTHL project. Due to this, an international level technology hub is being established in this area. This will also boost the digital economy of the country. He also said that due to expansion of port , bullet train , Virar-Alibag corridor, these areas will be transformed into development.

Prof. Klaus Schwab appreciated the NITI Aayog report and the ongoing implementation of MMR to create a global financial hub. He said , this report is basically amazing. This blue-print will spur development. It also seems to take care of social change and environmental complementarity. World-class modern infrastructure facilities will be created in this area. It is also important that human interests are considered in all these processes . He also expressed his belief that this will make Mumbai one of the seven important cities of the world . After coming to Mumbai, met with young entrepreneurs. It was felt that this young man has positive energy regarding future opportunities and development. Therefore, this financial center master plan of Mumbai will definitely be successful , he said.

The special report of NITI Aayog was unveiled on the occasion. The report presents a comprehensive approach to developing the Mumbai Metropolitan Region as a global financial hub. The report highlights the unprecedented growth potential of the Mumbai metropolitan region and the region’s ambitious goals for 2030 and 2047. It includes the following objectives:

• MMR’s GDP is targeted to increase from $ 140 billion (₹12 lakh crore) to $ 300 billion (₹26 lakh crore) by 2030 and $1.5 trillion by 2047 .

• To create 25-28 lakh new jobs by 2030 , with an increased women’s participation.

• Increase per capita income from $ 5,248 to $ 10,000-12,000 by 2030 and target $ 38,000 by 2047.

• Some important strategies for transformation of MMR were mentioned in this program

• Establishing the Mumbai metropolitan region as a global service hub for industry sectors such as financial services , fintech , AI , health , and media.

• Construction of 3 million affordable houses including slum rehabilitation.

• Expanding tourism and entertainment centres. Emphasis on developing beach, cruise and nature tourism in particular .

• Developing logistics hubs near ports and creating additional warehousing capacity of 60-70 million square feet by FY 2030.

In line with the vision of the Government of India, the Mumbai Metropolitan Region’s Economic Master Plan has been transformed into 30 major projects , which will be completed in the next five to six years. Along with this, Maharashtra aims to attract US $ 125-135 billion in investment from the private sector during this period . This will further boost the growth of this region.

MMRDA is currently implementing major mega infrastructure projects to revitalize Mumbai and transform the Mumbai Metropolitan Region , which will help improve the quality of life of two and a half crore citizens of the Mumbai Metropolitan Region.