However, shortage of skilled labour may hamper city’s booming economy
MUMBAI: A recent study by the Urban Institute, Washington based, states that Mumbai Metropolitan Region (MMR) has the potential to contribute up to 56 per cent to the state GDP from the present 41 per cent, by the year 2020.
However, the report also states that shortage of skilled workforce and inadequate physical infrastructure may hamper the region’s economic prospects if concerted efforts are not taken.
The report is aimed at supporting the Citizens Advisory Group’s (CAG) subgroup on economic growth, set up by the government of Maharashtra to elaborate its vision of transforming Mumbai into a world class city.
The report also emphasises the need to achieve equitable growth in MMRs outer areas to reduce pressure on Greater Mumbai, which accounts for about 60 per cent of MMR’s manufacturing GDP.
“A 14 per cent growth in MMR is feasible. MMR has been the growth centre of not just Maharashtra but also of India. No stone should be left unturned to make this growth trend sustain over a longer period to achieve faster economic growth,” said Manju Ghodke of International City-County Management Association, South Asia. The report would soon be handed over to the state for further action.
According to Abhay Pethe, Vibhooti Shukla Chair Professor in Urban Economics with University of Mumbai, 14 per cent share in GDP in the future is not a dream anymore. Sunil Bhandare, former Tata economist, too predicts the same on the basis of the present growth trends.
The report was released at a round-table conference, which saw participation of several economists, government officials and social experts, hosted by Bombay First at The Taj Mahal Palace & Tower on Saturday.
