A comprehensive infrastructure and connectivity upgrade throughout the Mumbai region has been announced by the Mumbai Metropolitan Region Development Authority (MMRDA), in line with NITI Aayog’s Growth Hub plan. With more than Rs 4.07 lakh crore (about USD 47 billion) in planned investments over the next five years, the move establishes Mumbai as a major economic growth zone.
This significant investment will be financed through non-binding lines of credit secured from major Indian financial institutions. These include the Rural Electrification Corporation (REC), Power Finance Corporation (PFC), Housing and Urban Development Corporation (HUDCO), Indian Railway Finance Corporation (IRFC), and the National Bank for Financing Infrastructure and Development (NaBFID).
“With this historic infusion of Rs 4.07 lakh crore from India’s leading financial institutions, MMRDA is poised to transform the way Mumbai moves. The vision of ‘Mumbai in Minutes’—where any two points in the region are accessible within 59 minutes—is now an achievable, bankable reality,” stated MMRDA Metropolitan Commissioner, Sanjay Mukherjee.
The funding will enable the fast-tracking of next-generation infrastructure, including new metro corridors, elevated roads, multimodal transport integration, and enhanced urban mobility solutions. The initiative is set to improve daily life by significantly reducing commute times and boosting quality of life for residents.
Urban transportation, affordable housing, energy systems, digital urban services, and seamless multimodal connection are important development topics. These initiatives are part of a larger plan to boost economic activity in the Mumbai Metropolitan Region, one of four pilot areas—along with Surat, Visakhapatnam (Vizag), and Varanasi—that NITI Aayog has designated under its Growth Hub program.
Source: ET Infra
