The World Economic Forum (WEF) will provide funds to Maharashtra government for making Mumbai Metroplolitan Region (MMR)  a global  financial hub. An MoU between MMRDA (Mumbai Metropolitan Region Development Authority) and WEF was signed by Klaus Schwab, founder and executive Chairman, World  Economic Forum, and chief secretary, Sujata Saunik in the presence of Maharashtra chief minister Eknath Shinde and deputy chief minister Devendra Fadanavis in Mumbai on Thursday  for the establishment of the MMR World Economic Hub.

Shinde also inaugurated  central government think tank, NITI Aayog's report on 'Transforming Mumbai Metropolitan Region into a Global Financial Hub' along with DCM Fadanavis.

The report  highlights the region’s immense growth potential into a global financial hub and outlines ambitious goals for 2030 and 2047 to enhance economic performance, job creation, and infrastructure.

Shinde said that this collaboration between WEF and Maharashtra government will significantly boost Mumbai's GDP with a transformative growth trajectory in the coming years . It will be significant  in terms of economic and infrastructural changes and benefit the entire country.He said the Economic Advisory Council, constituted by the state government  helped in formulating recommendations and strategies for economic development of MMR.

“These efforts have been bolstered by NITI Aayog, which has put forward seven key recommendations for transforming MMR into a global financial hub.”

Shinde said to realise Maharashtra’s ambitious goal of contributing one trillion dollars to the national economy, the investments from global platforms such as the World Economic Forum in Davos have already started flowing into the state, reinforcing its position as a preferred destination for global industries. These investments, coupled with the establishment of the MMR Global Financial Centre, are expected to generate wealth of employment opportunities, further solidifying Mumbai’s position as a critical financial nerve center.

Shinde added that a  dedicated central cell is being set up within MMRDA, to oversee and implement the plans for the financial hub.

Fadnavis said that  the  projects already underway, including the Atal Setu-MTHL project, will further integrate Mumbai’s infrastructure with international standards. The establishment of a high-tech technology hub as part of this initiative will further boost the digital economy of the region. Expansion of port facilities, the bullet train project, and the Virar-Alibag corridor are all set to radically transform Mumbai’s connectivity, making the region a central node for both national and global economic activities.

Schwab, called the NITI Aayog report, “remarkable” and a blueprint for transformative development and said that world-class infrastructure will be developed in MMR, ensuring that the region is equipped to compete with the top global financial centers. He also emphasised  that human dimension remain central to the development process, ensuring that the interests of citizens are protected and prioritized. He expressed his confidence that  Mumbai will soon be ranked among the seven leading metropolises of the world.

Key objectives of NITI Aayog's framework for the period 2030- 2047  presented to the state government in August are aimed to  grow the GDP of MMR  from Rs 12 lakh crore  to Rs 26 lakh crore by 2030, with a long-term target of $1.5 trillion by 2047. It includes plan to -    

- create 25-28 lakh new jobs by 2030, with a particular focus on increasing women's participation in the workforce for inclusive economic growth. According to the government the per capita income is projected to rise from $5,248 to $10,000-$12,000 by 2030  with a target of reaching $38,000 by 2047. This growth reflects the region's vision of creating a high-income society by global standards.

- develop MMR  into a global service hub catering to high-growth sectors like financial services, fintech, artificial intelligence (AI), healthcare and  media.

- construct  3 million affordable houses, including  rehabilitation of slum areas

- development of  beach tourism,  cruise tourism and nature tourism to  enhance the region’s appeal as a major global entertainment and leisure center.

-develop logistics hubs near ports, expand warehousing capacity by 60-70 million square feet by FY 2030

The plan with 30 major projects set to be completed within the next 5-6 years aims to attract $125-135 billion in private sector investment during the same period