Infrastructure, Industry Top Priorities Of Maha Govt Ahead Of Investors Summit
The financial capital of India Mumbai means business. Especially in the past few years, the Maximum City has better the infrastructure to accommodate the burden of migration. At the World Economic Forum (WEF), held at the Swiss city of Davos this year, Maharashtra Chief Minister Devendra Fadnavis stressed on the fact that there is more to come - the underground Metro, the sea bridge to coastal roads, elevated suburban trains and new airports - will eventually turn Mumbai into a global business destination. The CM further projected the city as a hotspot for the manufacturing sector.
He said, "Now the focus is also on Industry 4.0 or the Fourth Industrial Revolution sectors such as artificial intelligence, innovations, startups and big data analytics. These will change the face of how the businesses look today and they will create jobs."
"By 2022, I will beat the rate of urbanisation in terms of mobility in Mumbai," he further added.
Let's review the transport strength of Mumbai:
The success stories
*Although the local trains have been the backbone of transport in Mumbai, the city is not limited to just these. India's first monorail which started in 2014 along the Wadala-Chembur stretch has been a blessing for Mumbaikars reducing time taken to travel between these locations.
*The Eastern Freeway that became operational in June 2013 connects Panjarpol to Mankhurd-Ghatkopar Link Road (MGLR) via Govandi. The second largest flyover in the country, it is both an engineering marvel and an infrastructural boon.
*The Santacruz-Chembur Link Road (SCLR) eases traffic along congested stretches - the Amar Mahal Junction, Vakola, Sion and Kula as also the Eastern and Western Express highways and is a 1.8-km long double-decker flyover.
*The Mumbai Metro, undoubtedly is the strength of millions who commute daily for work.
*Amid all the excitement around the Navi Mumbai International Airport (NMIA), the progress has been slow. The Rs 16,000-crore project, which was supposed to become operational by 2019, is still in planning stages owing to delayed clearances. The next date for operations is expected to be sometime in 2020.
A look into the future
*At the WEF, CM Fadnavis directed attention to Mumbai preparing to become the future of Fintech. He said that government was creating an International Financial Services Centre in Maharashtra. This could work out well for Mumbai given that it is the natural financial services centre.
*Maharashtra is also preparing the country's first fintech policy which will be published soon.
*All under-construction projects would be fully complete by 2022, including the 258-km Metro in Mumbai and the suburban areas.
*Another 50-km of the elevated surban railway network is also being set up.
*The authorities are also working on a new sea link, a sea bridge that will connect Mumbai to New Mumbai. Along the east coast, there will be Roll-on-roll-off (RoRo) services as well.
In a recent review, Ajit Krishnan Partner and Sector Leader, Real Estate and Infrastructure, Ernst & Young said, "On an average a resident of Mumbai spends four hours a day commuting, either crawling at five km/hour on the crater-ridden roads or packed like sardines in the local trains. It is no wonder that the Mumbaikar's wish list is topped by a demand for improved transportation facilities in the city." Naturally, a city stressed for resources, these infrastructural developments would be the way ahead.
Industries get a lift
Besides, the city is also competing with neighbouring states of Gujarat and Karnataka. Building up the infrastructure in the city would invite not just the talent pool but investors as well. As a step forward, the Maharashtra government has also relaxed norms for Integrated Industrial Areas (IIAs). It looks like the government is preparing for 'Magnetic Maharashtra' investor summit.
These are the features under the new norm:
*Now, to set up an IIA, the necessary condition of having 40 hectares of land has been eased and stands at 20 hectares.
*Previously, land utilisation ratio stood at 60:40 (industrial to residential area). Now, this is further relaxed to 80:20. This means investors get more land for industry.
*Ayurveda industry, tourism, education have been sanctioned at an investment over Rs 1,000 crore in an IIA set-up. This mega project has been taken up by Pune-based Centre For Perfect Health. The 264-acre project could come up with employment for over 5,000 people.
Maharashtra is also planning to set up 11 special courts for the disabled, senior citizens and the neglected across 11 cities and towns.
With inputs from Housing News