The State government has finally decided to launch a fresh initiative to make Mumbai Metropolitan Region (MMR) into a global financial, commercial and entertainment hub with a potential to generate $50 billion revenues.

Chief Minister Devendra Fadnavis at a press conference on Friday announced ‘Mumbai Next’ - MMR Transformation initiative - which will leverage the region’s unique geographic position and business potential in the global financial market.

A conference will be held on February 6, which will deliberate on these issues. It will have the attendance of industry captains such as Cyrus Mistry, Mukesh Ambani, the India Chief of World Bank and diplomats from European Union. The conference will be jointly held by the NGO Mumbai First, he said.

Investment potential Fadnavis pointed that there are at least 27 reports, which talk about the investment potential of the region. Maharashtra wants to put recommendations of those reports into action.

One of the reports has estimated a potential of $50 billion business for MMR. This is not the government’s projection but made by one of the agencies, he said.

Mumbai Next is the first step by the State to expedit the development of MMR. Financial services companies based out of region will have the advantage of Mumbai’s time zone. They can generate huge employment, he said.

“For the last many years talks are on of converting Mumbai into financial centre. In my recent visit to Davos for World Economic Forum, many companies said that Mumbai is an ideal location but they also had problems. Therefore the conference will dwell on these issues,” he said.

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