Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Wednesday announced ambitious infrastructure plans aimed at transforming the Vadhavan Port region in Palghar district into a major economic hub, dubbed the “Fourth Mumbai.” Speaking at an investor summit organised by Bank of America Securities in Mumbai, Fadnavis said the state government is actively working on extending both the Mumbai-Ahmedabad bullet train corridor and the city’s Coastal Road to this upcoming urban node.
The region, he said, will host India’s largest port and a new international airport, both of which have received the green signal from Prime Minister Narendra Modi. “This area will host India’s largest port and a new international airport, for which green light has already been given by the Prime Minister. Plans are also in motion to extend the bullet train and Coastal Road up to this region,” Fadnavis said.
Addressing concerns that improved connectivity with Gujarat, especially via the bullet train, might lead to businesses migrating from Mumbai, Fadnavis firmly dismissed such fears. “There is no way that such connectivity will take away any business from Mumbai,” he said.
Diamond Industry Continues To Thrive In BKC: CM Fadnavis
He specifically addressed recent apprehensions surrounding the Surat Diamond Bourse and its potential impact on Mumbai’s diamond trade. According to him, the city’s diamond industry, centred around Bandra-Kurla Complex (BKC) and South Central Mumbai, continues to thrive. “In fact, prices for local diamond trading units in Mumbai have gone up by 40 per cent in the past two years,” he added.
Fadnavis also reaffirmed Mumbai’s dominant position in the financial services sector. “All the big fintech names are investing in BKC. We are selling BKC land at record-breaking prices, these are unheard-of figures,” he said, underlining Mumbai’s continuing appeal for both domestic and international investors.
Rejecting the notion that Mumbai is losing its competitive edge, Fadnavis said, “I don’t see any challenge. Mumbai remains the first choice for global and domestic investors in financial services.”
He also called for a collaborative approach to India’s growth, noting that states should not be seen as competitors but as partners. “We have to work in synergy across India,” he said.
The proposed “Fourth Mumbai” around Vadhavan Port is part of a broader strategy to decongest the current financial capital and create new zones for economic, infrastructural, and residential development.
