Maha govt sets up CS-led panel for MMR’s development as growth hub with $300 Bn economy

Mumbai: The Maharashtra Government has appointed a Chief Secretary (CS)-led committee for the implementation of the NITI Aayog’s report on making the bursting Mumbai Metropolitan Region (MMR) a growth hub with a $300 billion economy by 2030 from the present $140 billion.

The state government, in its Government Resolution (GR) released late on Tuesday night has given a mandate to the CS-led 22-member committee to monitor the speedy implementation of the NITI Aayog’s recommendations, step up focus on attracting and retaining Foreign Direct Investment (FDI) and promoting startups and employment generation in the MMR.

Interestingly, the state government in the run up to the Assembly elections, likely to take place in the second week of November, has not set up a committee headed by Chief Minister Eknath Shinde or Industry Minister and comprising ministers and elected representatives.

Instead, the committee consists of only bureaucrats in charge of 11 departments, collectors, municipal commissioners and CEOs of government undertakings.

This is to expedite inter departmental coordination and speedy disposal of various files.

Eknath Shinde has hailed the NITI Aayog’s report saying that its recommendations will help the state government to further boost development in the MMR, including the construction of affordable housing, development of data centre in Navi Mumbai, and completion of the Alibaug Multimodal Corridor.

Shinde has said that the state government has cleared projects with investment to the tune of Rs 80,000 crore and the government has stepped up efforts to promote tourism along the 720 km coastline.

NITI Aayog CEO, BVR Subrahmanyam in his presentation to CM Shinde and Deputy CMs Devendra Fadnavis and Ajit Pawar held on August 22 had recommended the formation of a state-level growth hub steering committee chaired by the CS.

He had told the CM that NITI Aayog has selected MMR as the pilot city region for its development as a growth hub.

The NITI Aayog has made a slew of recommendations including promotion of MMR as a global services hub, affordable housing and slum rehabilitation, tourism, port-proximate integrated manufacturing and logistics hub, planned urbanisation and intensive transport oriented development, sustainability projects and world-class urban infrastructure and transport.

The CS-led committee will now make its recommendations to achieve these targets. Thereafter the state government will start preparing and notifying policies and institutional mandates.

The NITI Aayog has said that the state government can attract private investment of $125-135 billion, incremental GDP growth of $130-150 billion and additional capital by the state government of the order of Rs 50,000 crore over five or six years to chase the goal of making the MMR a $300 billion economy.

“MMR is a $140 billion economy across five districts and covering nine municipal corporations with a 25.8 million population and 10 million jobs. Historically, MMR grew at 6.1 per cent (FR12-20, real) against Maharashtra at 5.8 per cent and India at 6.6 per cent CAGR.

“The good news is that MMR is on a positive growth trajectory on the back of $50 billion ongoing infrastructure investments.

“Our vision is to grow MMR into a $300 billion economy by 2030 (9-10 per cent CAGR, real) and $1.5 trillion economy by 2047,” said the NITI Aayog in its report.

According to it, MMR has a potential to become a global services hub due to the existing two world-class business districts Wadala and BKC for financial services and after the development of Navi Mumbai Aerocity as a global aviation city.

It has suggested that the rehabilitation of 2.2 million slums will create new housing stocks in addition to 0.8-1 million affordable housing for low income and middle income group segments.

(Sanjay Jog can be contacted at [email protected])