NITI Aayog has set a bold target to double the Mumbai Metropolitan Region’s (MMR) GDP from $140 billion to $300 billion over the next five years. The Centre’s policy think tank is urging Maharashtra to focus on seven key growth areas and attract $125-135 billion in private investment to hit this goal.

These seven growth drivers according to the think tank’s report include developing Mumbai into a global services hub, facilitating affordable housing, transforming MMR into a global tourism centre, integrated development of ports in MMR, creating an industrial and logistics hub, developing cities, and creating a sustainable, all-inclusive infrastructure of international standards.

In a recent meeting, NITI Aayog outlined its strategy. The plan includes transforming Mumbai into a global services hub, enhancing affordable housing, boosting tourism, developing ports, and creating a robust industrial and logistics centre. The aim is to elevate MMR to a $1.5 trillion economy by 2047, with a 9-10% annual growth rate.

Key to achieving this is speeding up $65 billion worth of ongoing projects and drawing in an additional ₹50,000 crore in investment. The state has also been asked to push for redevelopment of the Mumbai Port Trust (MbPT) land and tackle slum redevelopment.