NITI Aayog Working On Masterplan To Raise Mumbai's GDP To $300 Billion By 2030, To Be Presented In Four Months

In a significant move aimed at bolstering economic growth, the NITI Aayog, the Indian government's premier public policy think tank, is set to develop a comprehensive economic masterplan for the Mumbai Metropolitan Region (MMR), Hindustan Times has reported.

The objective is to propel the city's gross domestic product (GDP) from its current standing at $140 billion to an impressive $300 billion by the year 2030. Highly placed sources revealed this pivotal development after a crucial meeting between Eknath Shinde, the Chief Minister of Maharashtra, and top officials from the NITI Aayog.

An official from the planning department of Maharashtra disclosed that the NITI Aayog has pinpointed 20 cities that will serve as driving forces behind India's economic growth, in line with the nation's ambitious target of achieving a $5 trillion economy.

Traditionally, state-level planning has focused on physical and land use masterplans; however, the NITI Aayog's initiative represents an unprecedented effort to draft an economic masterplan for these selected urban centers. The source emphasized that the first phase includes the Mumbai Metropolitan Region, along with Surat, Varanasi, and Visakhapatnam.

During the recent meeting, BVR Subramanyam, the Chief Executive Officer of NITI Aayog, affirmed that the organization intends to present the comprehensive blueprint for the economic masterplan within the next four months. Concurrently, the state government has established a committee comprising senior officials who will be tasked with executing the proposed plan.

“Maharashtra has skilled manpower, and a robust infrastructure with projects such as Mumbai Trans Harbour Link (MTHL), coastal highway, and the Samruddhi expressway is expected to be operational soon. With last mile connectivity in place, MMR will be in a position to grow fast, generating more jobs, attracting information technology and the automobile industry in the near future,” the official said.

Chief Minister Eknath Shinde said the growth potential of the Mumbai Metropolitan Region holds the key to achieving the state government's ambitious target of establishing Maharashtra as a $1 trillion economy.

Expressing gratitude towards Prime Minister Narendra Modi for including MMR as one of the four pilot cities aimed at becoming growth hubs, Shinde announced the formation of a dedicated team of senior officials.

The Maharashtra Chief Minister emphasized that the forthcoming masterplan would significantly augment the state's current contribution to the national GDP, which stands at 13 per cent.