Mumbai’s economy at $1.5 trn by 2047

Mumbai : At least seven business centres of international standard will be established in Mumbai to boost the city’s economy from the present $140 billion to $1.5 trillion by 2047, Maharashtra Deputy Chief Minister Ajit Pawar announced in the state budget on Monday. Pawar, who tabled the budget for the fiscal 2025-26 in the state assembly, said the Mumbai Metropolitan Region will be developed as a growth hub and an international-standard economic development centre.

He said business centres will be established at the Bandra-Kurla Complex (BKC), the Kurla-Worli area, Wadala, Goregaon, Navi Mumbai, Kharghar and the Virar-Bhoisar area. The minister further said that the state government has a 26 per cent share in the Vadhavan port, which is being constructed at the cost of Rs76,220 crore. The port will have an annual cargo handling capacity of approximately 300 million metric tonnes, three times the capacity of the Jawaharlal Nehru Port Trust (JNPT), he said.



“The Vadhavan port is expected to commence cargo operations by 2030,” Pawar said, adding that the third airport for Mumbai and the Mumbai-Ahmedabad bullet train station will be established near the port. He said the port will also be connected to the Mumbai-Nagpur Samruddhi Expressway. The state government will also announce a policy to provide financial incentives for modern and well-equipped boats to ensure safe travel from the Gateway of India to Mandwa and Elephanta.

Pawar said the metro project, connecting the Chhatrapati Shivaji Maharaj International Airport in Mumbai to Navi Mumbai International Airport, is set to commence soon..