The state and Centre have every reason to expedite work on airport-related infrastructure and Metro projects in the city, if the outcome of recent economic impact audit of Mumbai airport is anything to go by.
The state and Centre have every reason to expedite work on airport-related infrastructure and Metro projects in the city, if the outcome of recent economic impact audit of Mumbai airport is anything to go by.
Additional investment into these big-ticket projects in Mumbai will directly contribute Rs1,450 crore in income to country's gross domestic product during the entire construction phase (2014–15 to 2018–19), reveals the audit by the National Council of Applied Economic Research (NCAER), a leading economic impact research institute.
The Chhatrapati Shivaji International Airport (CSIA), which is considered among the busiest airports in Asia, is being developed under a public-private partnership (PPP).
According to NCAER, in terms of indirect contribution, airport-related construction activities will contribute Rs2,340 crore in income to the GDP during the entire construction phase (2014–15 to 2018–19). It says passenger traffic at CSIA is likely to touch 49 million by 2022–23.
Similarly, the economic impact of construction activities at GVK SkyCity has also been calculated. This is a one-time impact and refers to the construction period (2014–15 to 2021–22). It will contribute 27,000 jobs directly and Rs 6,640 crore in income to the national GDP.
The Skycity, the project, once completed will be India's first 24x7 business and leisure park with hotels, convention centers, retail entertainment centers including theme parks, shopping malls, commercial spaces will be developed on the lines of Bangkok airport.
In terms of indirect economic impact, GVK SkyCity will be able to contribute Rs17,100 crore in income and will add 96,000 jobs.
MIAL proposes to invest around Rs20,000 crore towards construction of facilities at SkyCity besides the investments that would be made by the selected developer on construction of various asset classes. The construction activities generate only a one-time impact, says the study.
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