The Maharashtra government, which is chasing its ambitious target of a one trillion economy dollar, on Thursday will release a report penned by NITI Aayog on the development of the Mumbai Metropolitan Region (MMR) as a global economic hub with a 300 billion dollar economy from the present 140 billion dollars. This will be followed by the signing of a memorandum of collaboration between the Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF).

Chief Minister and MMRDA Chairman Eknath Shinde will chair the event and Deputy CMs Devendra Fadnavis and Ajit Pawar will also attend the event. Prof Klaus Schwab, WEF founder and executive chairman, is the guest of honour at the function.

The state government’s move comes days after the formation of a 22-member steering committee chaired by the Chief Secretary comprising bureaucrats, district collectors, municipal commissioners and CEOs of its undertakings to monitor the speedy implementation of NITI Aayog’s recommendation, step up focus on attracting and retaining the foreign direct investment and promoting startup and employment generation in the MMR.

A senior minister from the MahaYuti government said, "The MMRDA’s association with WEF will be crucial for achieving the objective of MMR’s development as a global economic hub considering its strategic location. Historically, MR grew at 6.1 per cent (FY 2012-2020, real) against Maharashtra at 5.8 per cent and India at 6.6 per cent CAGR. At present, MMR is a 140 billion dollar economy across five districts and covers nine municipal corporations with 25.8 million population and 10 million jobs. NITI Aayog in its report has clearly indicated that MMR can grow into a 300 billion dollar economy by 2030 and a 1.5 trillion dollar economy by 2047. This will be quite helpful for Maharashtra to become a 1 trillion dollar economy."

NITI Aayog said that MMR is on a positive growth trajectory on the back of 50 billion dollars plus ongoing infrastructure investments, including 337 km metro rail, Vadhvan port, Navi Mumbai International Airport, Alibaug-Virar Multi-Modal Corridor, Versova Virar Sea Link, high-speed rail connecting Mumbai-Ahmedabad among others.

The Aayog has strongly recommended the unlocking and development of a 250-hectare land of the Mumbai Port Authority for job creation through services, housing and tourism/culture. It has emphasised the need to facilitate the redevelopment of 2.2 lakh slum holders (10 lakh people) on the Government of India land (port, defence and railway lands) in line with the Prime Minister’s Housing for All Scheme and push the development of MMR as a global aviation hub and MICE (meetings, incentives, conferences, exhibitions) destination rivalling Dubai and Singapore.

Moreover, NITI Aayog has suggested a significant increase in Ease of doing business with the Ministry of Environment and Forest and Airport Authority of India approvals to make MMR an attractive investment destination.