Mumbai to become leading global urban economy: MMRDA

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.