MMRDA to prepare blueprint for $250 billion economy

Feb 03, 2023 12:42 AM IST

Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) has decided to prepare a blueprint for making the region a $250 billion economy in the next five years

Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) has decided to prepare a blueprint for making the region a $250 billion economy in the next five years. On Thursday, the authority called for expression of interest from various consultants for the same.

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HT Image

S V R Srinivas, MMRDA metropolitan commissioner, said, “The state is looking to have $1 trillion economy. If the state has to reach that target, the MMR has to produce the growth rate.”

For several decades, since the state came into being (1960), Mumbai has been its growth engine. Mostly due to manufacturing sector and the corporate-financial establishments in the financial capital.

After the economy was opened in the 1990s, things changed. With various states offering incentives, manufacturing sector shifted out of Mumbai and its adjoining areas. On the other hand, financial and service sector boomed in the city. In past two decades, cities neighbouring Mumbai, too, started getting commercial establishments substantially. The authorities now plan to encourage it further.

The MMR could witness significant growth commercially with major infrastructure projects in the coming years. They include Navi Mumbai international airport, Mumbai trans-harbour link connecting Sewree (Mumbai) with Nhava (Raigad), quadrupling of suburban train lines from Virar to Dahanu and construction of Vadhavan port in Palghar district.

Navi Mumbai airport could spur the growth as its first phase is expected to be operational in 2024. The City and Industrial Development Corporation (Cidco), which built Navi Mumbai has planned Navi Mumbai International Airport Influence Area (NAINA) as a separate township along the airport for commercial and residential development.

State government is also looking at Bhiwandi and Navi Mumbai as upcoming logistic hubs.

Srinivas said: “Mumbai has its share, but we want to plan for the rest of MMR, so that the target is reached. The Mumbai trans-harbour link is getting completed end of this year and Mumbai will be no longer an Island City and mainland will get attached. The distance to Nhava from Nariman point will be like travelling from Nariman Point to Haji Ali.

“We have to take advantage of this scenario in terms of labour markets, raw materials and finished goods. These things are essential for investment to come. One also requires logistics and they are located in Bhiwandi and they take three hours to reach the city,’ added Srinivas.’

Srinivas said that they are planning a MTHL influence area and sectors where focus has to be, needs to be identified.

The MMRDA feels that builders must not aggregate land totally and government must also take advantage of the situation in public interest. This is a right time to devise strategy.

The MMRDA had also identified growth centres on Virar-Alibaug multi-modal hub. Urban planners say that Mumbai’s growth was limited earlier as it was covered by sea from three sides and with the MTHL, it can get connected better with the hinterland.

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