Mumbai’s Future Takes Shape: From Davos to a New Global Growth Story

Ajjay Bhagyakar
6 days ago
2 min read

By Ajjay Bhagyakar | Published by Griha Realty

At the World Economic Forum (WEF) in Davos 2026, Maharashtra Chief Minister Devendra Fadnavis showcased a bold vision that could reshape India’s economic geography and place the Mumbai Metropolitan Region (MMR) at the heart of Asia’s next growth wave. Mumbai’s Future Takes Shape: From Davos to a New Global Growth Story.

Record Investments and Big Global Deals

The Mumbai Metropolitan Region Development Authority (MMRDA) secured historic investment commitments worth over USD 220–226 billion through multiple strategic Memorandums of Understanding (MoUs) signed at Davos this year — the highest in the authority’s 51-year history. These agreements span technology, infrastructure, AI, green industry, data-centric services, healthcare and urban development.

Among the marquee commitments:

Tata Group pledged USD 11 billion to build a world-class Innovation City near the Navi Mumbai International Airport, aimed at startups and tech enterprises.
Brookfield, RMZ and other global partners have committed significant capital across logistics parks, data centres, mixed-use business districts and climate-resilient infrastructure.
Strategic partnerships include advanced AI, sustainable industrial growth with international collaborators like the Bharat-Switzerland initiative.

These deals are forecast to generate millions of new jobs, expand the region’s industrial base, and strengthen Maharashtra’s position as a magnet for global capital.

The Vision: Mumbai 3.0 and Third Mumbai

Fadnavis highlighted a transformative plan often referred to as “Mumbai 3.0”, which envisages:

A New Urban Frontier — Third Mumbai

A sprawling 675 sq km growth region being shaped between the existing Mumbai and Navi Mumbai zones.
The first new city in this plan is the Raigad-Pen Growth Centre, strategically located 15-20 km from the Navi Mumbai International Airport — envisioned as a BKC-style business heart for this expansion.

Sectoral Hubs to Drive Future Growth

The emerging region will have mapped zones such as:

Fintech & Data Centre Districts
Global Capability Centre Hubs
Entertainment & Lifestyle City
Education City with world-class foreign university campuses
Medi City featuring cutting-edge healthcare infrastructure
Dedicated Sports City and modern lifestyle precincts

Global investors already expressing interest include FedEx (USA), Hanwha Group (Korea), SSB & Schaefer Bau AG (Switzerland), Maple Tree (Singapore) and others linked to the Raigad-Pen Growth Centre.

A Strategic Positioning as Asia’s Next Financial & Innovation Hub ( Mumbai’s Future Takes Shape: From Davos to a New Global Growth Story )

With these agreements and expansive development plans, Maharashtra’s leadership argues that the MMR will evolve into Asia’s next major financial and innovation hub — drawing capital, talent and global business infrastructure to India’s west coast.

CM Fadnavis reiterated that these are not just numbers on paper: many previously signed MoUs have progressed toward actual execution, reflecting growing investor confidence.