In an effort to make Mumbai a global city, the state is planning several infrastructure projects worth thousands of crores.
In an effort to make Mumbai a global city, the state is planning several infrastructure projects worth thousands of crores. To make these projects a reality, a delegation of the state’s top bureaucrats will make a presentation in Delhi on Friday and ask for a central funding of Rs90,000 crore for various infrastructure projects in the Mumbai metropolitan region (MMR).
In 2006, the Centre had set-up a high powered expert committee to assess the requirements for making Mumbai a global financial hub. The committee submitted its report to the central government’s urban development department in 2008, after which the Centre asked various stakeholders involved in the development of MMR to submit their requirements.
The MMR’s primary stakeholders are the state urban development department and the Mumbai Metropolitan Region Development Authority (MMRDA). It will be bureaucrats from there two agencies who will make the presentation on Friday, asking for central financial assistance.
According to a senior state government official, the total investment needed for transforming MMR into a global financial hub by 2031 is Rs3 lakh crore. “We are looking at many projects, which at present are in the pipeline, for which we would need central assistance, primarily in terms of the viability gap. This gap is close to Rs90,000 crore,” said the official.
He added that most of these projects are being implemented by the MMRDA. “There are nine corridors of metro rail which will cost Rs1.3 lakh crore; several highways including the Mumbai Trans Harbour Link will cost Rs57,000 crore; the suburban railway network will need Rs31,000 crore; and many other projects will also need financial support. And, since most of these projects are being implemented on a public-private partnership model, we will need 30% viability gap funding from the Centre,” said the official.
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