Mumbai’s Dream of Becoming a Global Financial Center in Sight – Chief Minister Eknath Shinde

Mumbai : Mumbai’s ambition of becoming a global financial center is closer to reality thanks to the Memorandum of Understanding (MoU) between the World Economic Forum and the Mumbai Metropolitan Region Development Authority (MMRDA), said Chief Minister Eknath Shinde. He emphasized that Mumbai’s GDP is expected to double in the coming years. Deputy Chief Minister Devendra Fadnavis also highlighted that the NITI Aayog has bolstered Maharashtra’s journey toward achieving a one trillion-dollar economy.

Chief Minister Shinde and Deputy Chief Minister Fadnavis released the NITI Aayog’s report on developing the Mumbai Metropolitan Region (MMR) as a Global Financial Centre at the Sahyadri State Guest House today. They also witnessed the signing of an MoU between MMRDA and the World Economic Forum for establishing the MMR World Economy Hub.

The MoU was signed by MMRDA Metropolitan Commissioner Vikram Kumar and World Economic Forum Founder and Executive Chairman Prof. Klaus Schwab, who exchanged the contracts at the event.

The event was attended by prominent figures including 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, as well as NITI Aayog CEO B.V.R. Subramaniam, and other senior officials from various departments.

Chief Minister Shinde remarked that during Ganeshotsav, an important initiative for Mumbai is being launched. The dream of transforming the Mumbai Metropolitan Region into a global financial hub is becoming a reality. He expressed his delight, stating that if Mumbai evolves, Maharashtra and the entire country will benefit from this change. The Economic Advisory Council formed by the state government has presented a comprehensive plan for this development, and NITI Aayog’s recommendations will provide critical support.

Shinde noted that NITI Aayog has made seven key recommendations for developing Mumbai into a financial hub across its seven islands. He believes that Mumbai is poised to become a global fintech capital in the near future.

Chief Minister Shinde also stressed that Prime Minister Narendra Modi is committed to transforming India into a five trillion-dollar economy, and Maharashtra is working toward contributing one trillion dollars to this goal. Significant investments were secured during the World Economic Forum in Davos, with major global industries choosing Maharashtra as their preferred investment destination. This will bring substantial investments and employment opportunities, strengthening Mumbai’s position as a global financial center. He added that a dedicated central cell is being established within MMRDA to realize the vision of the MMR Global Financial Centre.

The MMR Global Financial Centre concept, which includes the districts of Mumbai, Palghar, Thane, and Raigad, envisions the development of large-scale data centers, the expansion of the Dighi port, and enhanced tourism through the promotion of coastal areas. Maharashtra has long been a favorable environment for industries, offering robust facilities for investors. The Chief Minister noted that Maharashtra is the leading state in India for foreign investment and ranks first in employment, startups, and clean energy initiatives.

Deputy Chief Minister Fadnavis commented that NITI Aayog’s timely report and the signing of the MoU mark a historic moment. This will significantly improve the lives of citizens, as economic development will benefit multiple sectors. Over the past few years, efforts have been focused on infrastructure projects in Mumbai, positioning the city as a leader in many areas. With the Atal Setu – MTHL project, a third Mumbai is emerging, and an international-level technology hub is being established in the region. This development will further boost India’s digital economy. The expansion of ports, bullet trains, and the Virar-Alibag corridor will drive transformational growth in these areas.

Prof. Schwab praised the NITI Aayog report and the ongoing efforts to transform the MMR into a global financial hub. He remarked that the report is truly remarkable, describing it as a blueprint that will drive development while considering social change and environmental sustainability. World-class modern infrastructure will be developed in the region, and it is vital that human interests are prioritized throughout the process. He also expressed confidence that this initiative will position Mumbai as one of the seven most important cities globally. After his visit to Mumbai, Prof. Schwab met with young entrepreneurs and noted their positive energy and optimism about future opportunities and growth. As a result, he believes that the master plan for Mumbai’s financial center is bound to succeed.

The event began with an introduction by Chief Secretary Mrs. Sujata Saunik, followed by a presentation by Shirish Najri, who outlined the objectives of the financial center. Audio tapes showcased MMRDA’s successful and ongoing projects.

The NITI Aayog’s special report was also unveiled during the event. This report outlines a comprehensive strategy for transforming the Mumbai Metropolitan Region (MMR) into a global financial hub. It highlights the unprecedented growth potential of the region and its ambitious goals for 2030 and 2047. Key objectives include:

• MMR’s GDP is projected to rise from $140 billion (₹12 lakh crore) to $300 billion (₹26 lakh crore) by 2030, and to $1.5 trillion by 2047.
• Job creation: An estimated 25-28 lakh new jobs are expected to be created by 2030, with a strong focus on increasing women’s participation in the workforce.
• Per capita income is set to rise from $5,248 to $10,000-12,000 by 2030, with a target of $38,000 by 2047.

The program also highlighted several key strategies for transforming the MMR:

• Establishing the Mumbai Metropolitan Region as a global services hub for industries such as financial services, fintech, AI, healthcare, and media.
• Constructing 30 lakh affordable homes, including slum rehabilitation projects.
• Expanding tourism and entertainment centers, with a particular emphasis on developing beaches, cruises, and nature tourism.
• Developing logistics hubs near ports and creating an additional 60-70 million square feet of warehousing capacity by FY 2030.

In line with the Government of India’s vision, the Mumbai Metropolitan Region’s Economic Master Plan has been translated into 30 key projects, which are expected to be completed over the next five to six years. Additionally, Maharashtra aims to attract USD 125-135 billion in private sector investment during this period, further boosting the region’s growth.

The successful partnership between the World Economic Forum and MMRDA, under the leadership of Chief Minister Eknath Shinde, underscores a commitment to sustainable development, infrastructure growth, and global competitiveness. These efforts will position the Mumbai Metropolitan Region as a major global financial hub. MMRDA is currently implementing several mega infrastructure projects that will revitalize Mumbai and transform the entire region, ultimately improving the quality of life for the 25 million citizens in the Mumbai Metropolitan Region.