MMR Aims to Double GDP in Five Years – CM Eknath Shinde

Mumbai : Today, Chief Minister Eknath Shinde received a report from NITI Aayog regarding their study on transforming Mumbai and its surroundings into a global financial center. NITI Aayog has identified seven key sectors to target for doubling Mumbai’s Gross Domestic Product (GDP) within five years. The development of the state hinges on improvements in communication infrastructure, and significant progress is already underway. Chief Minister Shinde also noted that Maharashtra continues to be a preferred destination for entrepreneurs.

In attendance at the meeting were Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar, NITI Aayog Chief Executive Officer B. V. R. Subramaniam, Chief Secretary Sujata Saunik, Additional Chief Secretary to the Chief Minister Dr. I. S. Chahal, Additional Chief Secretary Vikas Kharge, Principal Secretary to the Chief Minister Brijesh Singh, Principal Secretary to the Deputy Chief Minister Dr. Shrikar Pardeshi, NITI Aayog’s O. P. Aggarwal, Principal Economic Adviser Anna Roy, Shirish Sankhe, Mumbai Municipal Commissioner Bhushan Gagrani, and Additional Chief Secretary of the Planning Department Rajagopal Deora, along with various Additional Chief Secretaries, Principal Secretaries, and Secretaries of different departments.

During the event, NITI Aayog presented their study aimed at establishing Mumbai and its surroundings as a global financial hub. CEO Subramaniam highlighted that NITI Aayog is formulating a vision for 13 states, with a particular focus on urban economic development. He mentioned that NITI Aayog is conducting pilot projects in four metropolitan areas: Mumbai Metropolitan Region, Surat, Varanasi, and Visakhapatnam.

The study considers the development of Mumbai along with the surrounding districts of Palghar, Raigad, and Thane. Currently, the GDP of this region stands at ₹12 lakh crore ($140 billion), which is about 80% of Uttar Pradesh’s GDP. NITI Aayog has set a target to increase the GDP of Mumbai and its metropolitan area to ₹26 lakh crore ($300 billion) by 2030. Additionally, NITI Aayog aims to generate around 30 lakh new jobs, increasing the current employment figure of about 1 crore. To achieve this, the focus will be on seven development areas, with an expected investment of ₹10 to ₹11 lakh crore from the private sector, and efforts will be made to position cities as growth engines.

Chief Minister Shinde emphasized that one-third of Maharashtra’s GDP originates from these five districts. The plan includes creating a global services hub in Mumbai, promoting affordable housing, developing the MMR area as a global tourism center, integrating port development to bolster industry and logistics, and fostering well-planned cities with an emphasis on inclusivity and sustainability.

The Chief Minister also noted that NITI Aayog’s integrated development plan leverages opportunities in metropolitan areas, including Mumbai. Key initiatives include accelerating the construction of affordable housing, generating employment, prioritizing data centers in Navi Mumbai, and expediting the Alibaug Multimodal Corridor project. Recently, investment projects worth around ₹80,000 crore have been approved in Maharashtra. Additionally, efforts are underway to utilize Maharashtra’s 720 km coastline to boost tourism development.