MMRDA and WEF Partner for Sustainable Development, Aiming for INR 300 Billion GDP by 2030
The initiative is expected to create millions of high-end jobs across various sectors, bolstering Maharashtra's economy by promoting real estate, manufacturing, and services.
Sustainable DevelopmentMmrdaWefMaharashtraGdpReal Estate MaharashtraSep 25, 2024
This partnership was seen as a significant move toward realizing Maharashtra's vision of becoming a INR 1 trillion economy while establishing global standards for urban development.
Prof. Klaus Schwab, Founder and Executive Chairman of the WEF, signed the MoC during his first visit to Maharashtra in 45 years. The MoC aims to advance sustainable urban and infrastructure development in the Mumbai Metropolitan Region (MMR), creating a framework for ongoing dialogue and collaboration between the two organisations.
Key achievements of the MoC included accelerating economic growth, as the MMR, currently contributing INR 140 billion to India's GDP, is projected to reach INR 300 billion by 2030. This collaboration would leverage MMRDA's leadership in executing large-scale infrastructure projects.
Additionally, the partnership would provide access to global expertise and innovation through the WEF's extensive network across 130 cities and 185 business partners, offering MMRDA advanced solutions for climate-resilient, sustainable, and inclusive growth. The goal was to position MMR as a global hub for commerce, investment, and livability while fostering innovation in various infrastructure sectors.
The MoC also aimed to enhance livability and sustainability by aligning with Maharashtra's roadmap towards a INR 1 trillion economy and supporting the state's climate goals of achieving near net-zero emissions by 2047. Key focus areas included public transportation, affordable housing, logistics, green infrastructure, and the integration of AI investments.
Moreover, the collaboration was expected to create millions of employment opportunities in sectors like technology, finance, healthcare, education, and logistics. Through this collaboration, MMRDA planned to establish
Frequently Asked Questions
What is the main objective of the MoC between MMRDA and WEF?
The main objective of the MoC is to advance sustainable urban and infrastructure development in the Mumbai Metropolitan Region (MMR) and create a framework for ongoing dialogue and collaboration between the two organisations.
What is the projected GDP of MMR by 2030?
The MMR is projected to reach INR 300 billion by 2030, up from its current contribution of INR 140 billion to India's GDP.
What are the key focus areas of the MoC?
The key focus areas of the MoC include public transportation, affordable housing, logistics, green infrastructure, and the integration of AI investments.
How is the collaboration expected to benefit Maharashtra's economy?
The collaboration is expected to create millions of high-end jobs across various sectors, bolstering Maharashtra's economy by promoting real estate, manufacturing, and services, and positioning the region as a leader in sustainable, inclusive, and resilient urban development.
What is the role of Dr. Sanjay Mukherjee in the MoC?
Dr. Sanjay Mukherjee, Metropolitan Commissioner, had been coordinating with NITI Aayog to implement its recommendations for MMR and played a key role in signing the MoC with WEF.
Related News Articles
Kuwait Cracks Down on Illegal Property Extensions After Deadly Fire
Authorities in Kuwait have launched a crackdown on illegal property extensions following a devastating fire that killed 50 people, including 46 Indians.
GujRERA Takes Drastic Measures Against Non-Compliant Real Estate Developers
GujRERA cracks down on over 1,000 non-compliant real estate projects in Gujarat, freezing bank accounts and cancelling registrations.
MHADA Pune Unveils Winners of 4,850 Affordable Housing Units Through Computerized Lottery
MHADA Pune announces winners of 4,850 flats in computerized lottery, emphasizing transparency and affordable housing demand in Maharashtra.
India's Real Estate Sector Set to Soar: Budget 2024 Brings Sweeping Reforms
The 2024 Union Budget introduces transformative measures poised to significantly impact the real estate sector, offering a much-needed boost to the industry.
MERC Introduces Virtual Net Metering in Rooftop Solar Regulations
The Maharashtra Electricity Regulatory Commission (MERC) has introduced virtual net metering in rooftop solar regulations, allowing multiple consumers to share the benefits of a single solar power system.
Nifty and Sensex Take a Hit as IT Sector Plummets; Cipla Registers Impressive Gains
The Indian stock market experienced a turbulent day with Nifty and Sensex witnessing significant declines, primarily due to the sharp drop in IT stocks. However, Cipla managed to shine amidst the downturn with substantial gains.