Mumbai's economy would grow from its current USD 140 billion to USD 1.5 trillion by 2047, thanks to the establishment of at least seven international-standard business hubs, Maharashtra Deputy Chief Minister Ajit Pawar said in the state budget on Monday.
Ajit Pawar stated that the Mumbai Metropolitan Region will be developed as a growth centre and an international-standard economic development centre when he presented the state assembly with the budget for the fiscal year 2025–2026.
The Bandra-Kurla Complex (BKC), the Kurla-Worli area, Wadala, Goregaon, Navi Mumbai, Kharghar, and the Virar-Bhoisar area would also have business centres, he said.
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The state government owns a 26% stake in the Vadhavan port, which is being built for Rs 76,220 crore, the minister added.
Three times the capacity of the Jawaharlal Nehru Port Trust (JNPT), the port will be able to handle almost 300 million metric tonnes of cargo annually, he claimed.
Mr. Pawar stated that "the Vadhavan port is expected to commence cargo operations by 2030," and that the Mumbai-Ahmedabad bullet train station and Mumbai's third airport would be built close to the port.
The Mumbai-Nagpur Samruddhi Expressway will also be connected to the port, he said.
To guarantee safe transportation from the Gateway of India to Mandwa and Elephanta, the state government will also establish a strategy to offer financial incentives for contemporary, well-equipped boats.