NITI Aayog report unveils plans to develop MMR into global fintech hub

Chief Minister Eknath Shinde remarked on the MoU, emphasizing Mumbai’s crucial role: “Mumbai is a lifeline for all of us. If Mumbai transforms, there will be significant improvements for Maharashtra and the entire country. The Economic Advisory Council has provided recommendations and plans for the state’s development, and NITI Aayog’s concept will strengthen this vision. NITI Aayog has outlined seven key recommendations to establish the MMR as a financial hub, with expectations that Mumbai will evolve into a global fintech capital. Our goal is for Maharashtra to contribute $1 trillion to the national GDP.”

Deputy Chief Minister Devendra Fadnavis added that the NITI Aayog report reinforces the steps towards achieving Maharashtra’s $1 trillion economy goal. “NITI Aayog has delivered a crucial report at the right time. Both this report and the MoU mark a historic moment. The report meticulously addresses various factors affecting citizens’ lives. Recent efforts have focused on enhancing infrastructure in Mumbai, positioning the city as a leader in multiple sectors. Projects such as the Atal Setu–MTHL will contribute to creating an international-level technology hub, boosting the country’s digital economy. Developments like the port expansion, bullet train, and the Virar-Alibag corridor will transform these areas.”

The NITI Aayog report outlines a comprehensive strategy for evolving the MMR into a global financial hub. The key objectives include increasing the MMR’s GDP from $140 billion (₹12 lakh crore) to $300 billion (₹26 lakh crore) by 2030, and $1.5 trillion by 2047. Creating 2.5 to 2.8 million new jobs by 2030, with a focus on enhancing women’s workforce participation and raising per capita income from $5,248 to $10,000-12,000 by 2030, with a target of $38,000 by 2047.

Meanwhile, Shiv Sena (UBT) MLA Aaditya Thackeray and NCP (SP) MLA Rohit Pawar slammed the Mahayuti govt over the MoU and Niti Aayog report terming them as eyewash.
Aaditya said that the NITI Aayog can’t be appointed to run Mumbai and the people of Mumbai and Maharashtra must run Mumbai. “This is nothing but a ploy to allow the Union government to control Mumbai or make Mumbai centrally ruled. They took the IFSC to Gujarat and the MP from Mumbai and Union Minister Piyush Goyal took part in the Global FinTech festival in Mumbai and once again promoted GIFT City in Gujarat,” Aaditya said further questioning as to why didn’t the BJP promote Mumbai?

“The MoUs and reports are just eye wash,” Aaditya said.