Initiative to turn Mumbai into economic hub launched

Named MumbaiNext, it will tap investment, income-generation potential of $50 bn; conclave on Feb 6

In a bid to attract investment and harness its potential to generate income, the Maharashtra government had launched an initiative to turn the Mumbai Metropolitan Region into an economic hub.

Chief Minister Devendra Fadnavis while launching the plan said the initiative would be called MumbaiNext. It would be implemented in close partnership with the non-government organisation Mumbai First and different government departments and undertaking such as BrihanMumbai Municipal Corporation (BMC), Mumbai Metropolitan Region Development Authority (MMRDA), City and Industrial Development Corporation (CIDCO) and Maharashtra Housing and Area Development Authority (MHADA). The initiative would not only cover Mumbai but also other towns under the Mumbai Metropolitan Region (MMR).

A separate cell has been set up in the chief minister’s office for proper coordination and implementation of MMR.

“At least 27 reports have discussed the huge investment and income-generation potential that can be exploited by a transformation. The government wants to put the recommendations into action,” said Fadnavis.

He added: “One of the reports — drawn up by an agency and not the government — has estimated a potential of $50 billion.”

Fadnavis said the state would seek assistance from the Centre for the proposed initiative during the Budget.

Taking a cue from neighbouring Gujarat and its successful Vibrant Gujarat summit, Maharashtra has organised a conclave —Transforming MMR into a Global Financial, Commercial and Entertainment Hub — on February 6.

Fadnavis said the Reliance Industries Chairman Mukesh Ambani, Tata Group Chairman Cyrus Mistry, Amitabh Bachchan, World Bank representatives and European Union ambassadors will address the conclave. Besides, Union Minister of State for Finance Jayant Sinha will also speak at the meet. The Union Finance Minister Arun Jaitely may also attend the conclave.

“This is the first step towards expediting the development of MMR and transforming it into a global financial, commercial and entertainment hub,” Fadnavis said.

The chief minister also said a logistic park will be developed on 2,200 acres at Bhiwandi, about 45 km from Mumbai.

“This will generate a revenue of Rs 2,500 crore. About Rs 1,000 crore will come after existing 4,500 illegal godowns are regularised while another Rs 1,200 crore through investments in the proposed logistics park,” he said.