Mumbai, Sep 12 (IANS): The Maharashtra government on Thursday released a report prepared by the NITI Aayog for the development of Mumbai Metropolitan Region (MMR) as a global economic hub with its economy worth $300 billion (Rs 26 lakh crore) from the present level of $140 billion (Rs 12 lakh crore) and to $1.5 trillion by 2047.

This was followed by the exchange of a Memorandum of Collaboration between the Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF).

The Chief Minister Eknath Shinde chaired the function and it took place in the presence of DCM Devendra Fadnavis while WEF Founder and Executive Chairman Prof Klaus Schwab was the guest of honour.

The NITI Aayog report presents a comprehensive approach to developing the MMR as a global economic hub and highlights its unprecedented growth potential. According to the report, nearly 25-218 lakh new jobs will be created with a particular focus on increasing women’s participation in the workforce.

The per capita income is expected to increase to $10,000-12,000 by 20230 from the present level of $5,248 and to further grow to $38,000 by 2047.

NITI Aayog has recommended some important strategies for the transformation of MMR. This includes the establishment of MMR as a global service hub for industries such as financial services, fintech, AI, health, and media, the construction of 30 lakh affordable houses including slum rehabilitation, expansion of tourism and entertainment centres and development of beaches, cruises and nature tourism in particular. Further, it has suggested the development of logistics hubs near ports and the creation of an additional warehousing capacity of 60-70 million square feet by FY 2030.

Chief Minister Eknath Shinde said that with the memorandum of collaboration between MMRDA and WEF, Mumbai's dream of becoming a global financial centre has come into sight.

“If Mumbai transforms, it will bring in changes in Maharashtra and in the country. Maharashtra with its $1 trillion economy target will contribute in a big way to the country’s aim of becoming a $5 trillion economy,” the Chief Minister said.

Deputy Chief Minister Devendra Fadwanis said that the NITI Aayog report has strengthened the steps taken by the state government to become a $1 trillion economy.

Prof Schwab in his address said that Mumbai has now firmly established itself as one of the great international cities - on par with Singapore, Shanghai, and London, embodying the best of the business spirit. He also noted Mumbai’s growing infrastructure as a key driver for the future, emphasising the city's preparedness for what he termed the "intelligent age."

"I am very optimistic about the future of this city. The speed of its infrastructure development is remarkable, and it is positioning itself well for the intelligent age - where modern technology will be integrated into every aspect of how we work, live, and communicate," remarked Prof Schwab.

Prof Schwab reiterated his optimism for the future collaboration between the World Economic Forum and the state of Maharashtra.

“We are committed to working together to build a sustained, resilient, and inclusive economy that benefits all. The partnership between the World Economic Forum and Maharashtra, which began in Davos, will only strengthen as we move forward together to address the global agenda,” he said.