Mumbai News: NITI Aayog To Unveil $300bn GDP Plan For MMR

Mumbai News: NITI Aayog To Unveil $300bn GDP Plan For MMR

The current GDP of MMR is $140 billion.

FPJ News ServiceUpdated: Tuesday, August 29, 2023, 11:59 PM IST
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Mumbai News: NITI Aayog To Unveil $300bn GDP Plan For MMR | File pic

Mumbai: Mumbai has a vast potential and the government is not just focused on infrastructure development in the Mumbai Metropolitan Region, but also wants to build up the financial and economic potential of the region, Chief Minister Eknath Shinde said on Tuesday.

The government wants to increase the GDP of this region to $300 billion, Shinde said at a meeting with NITI Aayog CEO BVR Subrahmanyam. The current GDP of MMR is $140 billion. During the meeting it was decided that a separate team of officials will be built to coordinate with the NITI Aayog on this task.

Master plan for Mumbai’s development as a financial centre

Subrahmanyam and his team made a primary presentation during the meeting at Mantralaya about the master plan for Mumbai’s development as a financial centre. A comprehensive plan is being developed for Mumbai, Surat, Visakhapatnam and Varanasi, the presentation said.

Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar attended the meeting along with officials from various departments.

MMR’s population is expected to touch 2.79 crore by 2030. Over the past five years the region’s growth rate has been around 5-5.5%. To increase the growth rate an investment of $150 billion is needed, Subrahmanyam said. 

He also said that 50% of Maharashtra’s population will be in urban areas by 2030.

Maharashtra has the largest (13%) share of the national GDP. Development should encompass financial growth potential, and should not just be about infrastructure, Subrahmanyam said, adding that the NITI Aayog would present a comprehensive plan in four months.

He also requested the state government to dedicate a team of officers to develop this plan and appoint nodal officers to expedite the process. The final presentation will be ready by the end of this year, he said.

Shinde said the Mumbai Port Trust has a vast land parcel in the city, which belongs to the Centre. It can be utilised for the financial development of Mumbai, he said. “We will coordinate and follow the issue with the Centre,” he added.

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