Mumbai, Oct 21 (PTI) The Mumbai metropolitan region is poised to emerge as one of the world's leading urban economies by 2047, with its gross domestic product (GDP) projected at USD 1.2–1.5  trillion and population expected to reach 3.6 to 3.8 crore, officials of the Mumbai Metropolitan Region Development Authority (MMRDA) said.

The MMR, comprising Mumbai, Thane, Palghar, and Raigad districts, spans 6,328 square kilometres and is set for major economic and infrastructural transformation through a long-term plan focusing on sustainable and inclusive urban growth, they said.

Chief Town and Country Planning Officer, MMRDA, Shankar Deshpande, outlined the vision positioning MMR alongside global economic hubs such as Tokyo, London, and Singapore, with per capita income expected to exceed Rs 33 lakh annually — equivalent to current levels in Japan and Italy.

"Going forward, by 2047, MMR could be transformed into one of the world's foremost economies with a 36-38 million population (3.6 to 3.8 crore), GDP of around 1.2–1.5  trillion US dollars (Rs 124 lakh crore to Rs 155 lakh crore) - equivalent to Tokyo's GDP in 2023 and more than USD 38,000 (Rs 33,45,887 per annum) per capita income - equivalent to Japan and Italy today," Deshpande said.

Deshpande, who made a presentation before a media team from Jammu and Kashmir, said in the next five years, MMR aims to achieve a GDP of about Rs 25 lakh crore, growing at a real compound annual rate of 10 per cent, with per capita income rising to Rs 8–Rs 10 lakh by 2030.

"The population is projected to grow from 2.58 crore in 2023 to around 2.9 crore by 2030. By 2047, the region's economy is expected to grow nearly five-fold, driven by infrastructure expansion, job creation, and regional economic diversification," he said.

According to the economic masterplan, Greater Mumbai's population will stabilise at around 1.37 crore by 2047, maintaining a 55 per cent share of the region's GDP due to high productivity levels.

"The remaining parts of MMR will see faster growth, with their population share increasing from 50 per cent in 2023 to 64 per cent in 2047, and GDP share rising from 40 to 45 per cent, driven by new business districts, logistics hubs, and townships." Elaborating on employment trends, Deshpande said MMR will have around 35 lakh youth entering the workforce by 2030, half of them women, necessitating 15 lakh new jobs.

"At least half of these jobs will be in high-productivity sectors such as IT, artificial intelligence, finance, media, and chip manufacturing," he said.

Employment across the region is projected to rise from 1 crore in financial year 2023 to 1.3 crore by 2030 and touch 2 crore by 2047, they said.

To match global benchmarks, MMR plans to expand its metro network to 450 km by financial year 2030 and enhance per capita open space from 1 square metre in Mumbai to 5–7 square metres regionally.

Environmental and sustainability targets include achieving 90 per cent electrified public transport, 70 per cent renewable energy use, and recycling 30–40 per cent of water by 2030. Women's labour force participation is targeted to reach 38–40 per cent.

Officials said the transformation is backed by over Rs 4 lakh crore worth of ongoing and planned infrastructure projects.

"These include 337 km of metro rail (Rs 1.36 lakh crore), Navi Mumbai International Airport (Rs 20,000 crore), Versova–Virar Sea Link (Rs 63,500 crore), Vadhavan Port (Rs 43,600 crore), and the 126 km Alibag–Virar Multi-Modal Corridor (Rs 55,000 crore)," Deshpande said.

Other key projects in the pipeline include the Mumbai–Ahmedabad High-Speed Rail, Samruddhi Corridor, Mumbai Coastal Road, Mumbai Trans Harbour Link, and Versova–Bandra Sea Link — all designed to boost connectivity and unlock new growth corridors.

The plan also aims to align MMR's liveability and inclusivity standards with those of Singapore, London, and Tokyo.

"With rapid growth in GDP, per capita income, and infrastructure, the roadmap sets the stage for Mumbai to reassert itself as a global powerhouse by 2047 — India's centenary year of independence," officials said.

The official maintained that the services sector remains MMR's key economic driver, accounting for 60 per cent of GDP and 40 per cent of employment, growing at around 8 per cent annually. "Manufacturing and logistics contribute 20 per cent, while construction adds 6 per cent, and trade and hospitality together contribute 13.4 per cent." The masterplan identifies 30 projects, 8 sectoral policies, and 9 institutional reforms to convert this vision into action.

Key initiatives include the development of new financial districts at Bandra-Kurla Complex (BKC) and Wadala, Navi Mumbai Aerocity, tourism hubs at Mumbai Port, a Film City in Mumbai, redevelopment of slums and affordable housing zones, and the establishment of five new industrial cities, they said.

The plan also focuses on urban sustainability, targeting net-zero emissions by 2047 and increasing women's workforce participation to 38–40 per cent by 2030. "Sustainability initiatives alone are projected to generate an economic impact of around Rs 20,000 crore and create 50,000 jobs," they said.

The broader urban infrastructure plan — focusing on metro, rail, road, and sewage expansion — is expected to generate about Rs 37,000 crore in value and create nearly 3 lakh new jobs.

The officials said that the implementation will require significant private participation, with about Rs 11 lakh crore in private investments expected — nearly 70 per cent of total funding. "Maharashtra's development agencies are expected to double their investments through monetisation of developed land." To ensure coordinated execution, the state government will establish an integrated MMR-level war room, with a Growth Hub Steering Committee chaired by the Chief Secretary and reporting to the chief minister and deputy chief ministers.

Officials said the plan aligns MMR's expansion with the development of Vadhavan Port in the north and Dighi Port in the south, broadening the region's economic geography. "The long-term vision is to position MMR as a global innovation and investment hub — combining Shakti (energy), Shaurya (strength), and Shanti (peace) to drive Maharashtra's growth into 2047," they said.

Established for regional planning and coordination, MMRDA's first regional plan was sanctioned in 1973, followed by a revised plan for 1996–2011, approved in 1999, which laid the foundation for the current masterplan and long-term vision for a sustainable and globally competitive Mumbai. PTI AB HVA

Urban economic transformation: masterplan aims to position Mumbai metropolitan region as a leading global economy through infrastructure and reforms. The MMRDA masterplan articulates a long-term strategy coupling major infrastructure projects, sectoral policies and institutional reforms to transform the Mumbai metropolitan region into a leading global urban economy by mid-century. It prioritises metro and connectivity expansion, new business districts and industrial cities, sectoral growth in high-productivity services and manufacturing, measurable sustainability and liveability targets, workforce expansion and targeted job creation, and a financing model combining public funding, land monetisation and substantial private investment under coordinated regional governance.