The Mumbai Metropolitan Region Development Authority (MMRDA) has embarked on an ambitious project to transform the Mumbai Metropolitan Region (MMR) as a growth engine and make it a $25,000 crore economy or $0.25 trillion in the next five years.
On the other hand, the Union government wants Maharashtra to become a trillion-dollar economy in the immediate future.
The development authority has floated an Expression of Interest to appoint an agency that will prepare a road map and present case studies from across the globe of the cities that have undergone a transformation to become the leading growth engine for the country.
MMRDA current GDP stands at ₹14,000 crore
Currently, the MMR's Gross Domestic Product (GDP) stands at about $0.14 trillion or $14,000 crore. A GDP is a standard measure of value created through the production of goods and services during a certain duration of time. It includes income earned from the production and total expenditure on the final goods and services.
As Mumbai and MMR is the country's financial capital, the region also has a higher GDP than that of Maharashtra and India. Currently, the MMR contributes a third of the state's GDP and the state contributes about 10% of India's GDP.
The MMR's GDP per capita stands at $4,500, nearly double that of Maharashtra and India. The MMRDA aims to almost double it in the next five years. “The aim is to establish MMR as the numero uno destination for Foreign Direct Investment,” reads an internal document.
The ingredients that the MMRDA is looking for include a leading economy, easy and accessible public transport infrastructure, developing social and health infrastructure, affordable real estate, sources of adequate project development financing, effective and efficient governance, and a safe and sustainable place to live and work, among others.
MMRDA Regional Plan
The MMRDA already has the Regional Plan 2016-36 and a Development Plan in place for its special planning areas. Along with it, a comprehensive transportation study laid a road map to upgrade the MMR.
The report states that MMR will require large expenditure on the construction of infrastructure for all urban services, including water supply systems, electricity, drainage and sewerage systems. However, the major part of their investment should be dedicated to improving transport infrastructure. Some of the recommendations have been accepted by the MMRDA, which now wants to create a new road map.
