Pujit Aggarwal’s perspective on Mumbai's urban dynamism: Is it a prescription worth following?

Immersed in the sunset skyline of Mumbai, casting long shadows over its ever-expanding landscape, the city's heartbeat echoes in the rhythm of construction. This metropolitan city unfolds a tale of demand, innovation, and a relentless attempt of sustainable urban growth, orchestrating a truly transformative urbanisation momentum towards progress that is driven by the baton of foresight and innovation.

According to United Nations projections, it is anticipated that this pattern will persist in the forthcoming years. By 2050, the population of the country is expected to witness a substantial increase by more than 400 million individuals, positioning it as one of the most rapidly urbanising nations globally. This will in turn be reflected in a disruptive explosion of opportunities in the overall infrastructure space as communities strive to become smarter, seamless, sustainable, and livable.

Pujit's POV on the ongoing Infra transformation

In fact, in recent times, there has been a noticeable increase in the number of opportunities for investors to profit from infrastructure projects in India; this era is expected to continue into the foreseeable future.

A greater proportion of employment creation taking place in urban areas, a shift towards an economy focused on services, and the increasing importance of climate change and disaster resilience are all elements that contribute to the demand for additional infrastructure in India.

A more substantive deep dive into the way this is unravelling, using the example of Mumbai as a crucial point of reference, would lead us to identify certain key trends and tendencies. Some of the most critical ones include:

ADB's & World Bank (WB) visionary allure

When it comes to India's accelerated urbanisation, the role that the Asian Development Bank is playing can't be discounted. ADB & WB, in fact, has articulated a truly well-delineated path towards urban excellence that is pivoted around improving the overall quality of life from an urban perspective. A substantial USD 400 million policy-based loan has allowed ADB & WB to commit to fostering high-quality urban infrastructure, which makes a difference. One such noticeable example would be Envision Mumbai, a canvas where each rupee from ADB &WB paints a stroke of progress, transforming the cityscape into a masterpiece. ADB & WB's involvement here goes beyond providing just financial support; it is a relationship that crosses traditional borders. It exemplifies Mumbai's global ambitions, where every infrastructure project becomes a beacon of innovation and sustainability. This is more than just a development; it is a pioneering voyage towards transforming Mumbai into a truly modern metropolis.

The pivotal role of World Bank in facilitating an impactful connectivity revolution

It is extremely important in this context to recognise and understand the powerful role that the World Bank has played in enabling a truly seamless narrative in terms of mobility for the Mumbai Metropolitan Region, or MMR. Besides the role that it has played in augmenting key infrastructure additions through the Mumbai Urban Transport Project, it is also working with key stakeholders like MMRDA, amongst others, to articulate a people-centric connectivity blueprint that encourages cycling, walking, and a more enhanced usage of public transit as a means towards significant de-congestion. In fact, the World Bank has helped policymakers devise a transit-oriented approach to urban development, or TOD, with the goal of incubating growth that combines the seamless movement of people, goods, and services for a redefined urban reality determined by a truly improved quality of living.

PM Gati Shakti: Architecting Mumbai's Tomorrow

The PM GatiShakti project takes center stage as the voyage unfolds, creating a symphony of change where Mumbai becomes the key actor in a new India-centric global supply and value chain. The Network Planning Group (NPG) takes on the role of architect, analyzing and evaluating 106 transformative projects worth Rs 11 lakh crore. Interpolating this with respect to Mumbai, one can see the emergence of a truly integrated matrix of seamless connectivity, with each new link or corridor creating a kaleidoscope of unmatched mobility that heralds a future of real promise and progress.

Each project that is carried out as part of the Prime Minister's GatiShakti plan is a new chapter in the story of urbanization and adds to the architectural legacy of the city. As part of this strategy, Mumbai is curating its own distinct urban design, promoting itself as a paragon of synchronized and maybe abstract growth. It is positioning itself as a city that goes beyond merely having infrastructure and instead embodies the same into a living, breathing organism of connected life spaces, where everyone has the chance to dream big and convert those visions into truly transformative realities.

Digital Expedition with Smart Cities Mission

As Mumbai evolves to face a bold new future, the Smart Cities Mission emerges as a melodic refrain. Envisioned by PM Narendra Modi, this initiative seeks to elevate Mumbai's urban identity. As of September 2023, Indore clinched the 'Best Smart City' title, a testament to the mission's potential impact, and Mumbai hopes to replicate the same, advancing the benchmarks significantly.

The mission gains momentum in its overall aim to convert one hundred cities into smart cities and the role of Mumbai here to become the perfect template or 'role model' that aims to tackle urban challenges and improve the accessibility of governance for its citizens through truly smart solutions'. Overall, it provides a glimpse into a future in which technology will have an impact on how the city develops, envisioning a reality that is truly organic, sustainable, and intelligent.

Implications for India and the Need for Sustained Consensus

Within the bustling city, the resonance of change is magnified by these big-ticket infrastructure transformations, as exemplified by Mumbai. Approval of these massive infrastructure projects not only creates a significant impact in macro terms but also accelerates both investment and employment opportunities while improving the overall quality of life in our cities. The end goal, hopefully, is to make starting, running, and expanding a business truly easy, with increased competitiveness making our exports truly attractive.

Sustainable consensus is a key theme shaping this urban revival. Mumbai, as an example, represents legacy, growth, and national aspirations. People matter more in such transcendental disruptions, and success as such must be measured by how improved people's lives truly are. Policies and reforms that are pivoted on such lines have transformed East and Southeast Asian economies in a generation, and India is poised to follow suit.

The coming years foretell a period of significant development for India. Policies that facilitate growth and entrepreneurship across the board are in place now, generating a discourse where innovation fosters true sustainability. Urbanisation is perfectly mirroring this, paving the way for a today and tomorrow where cities and people, living within, will work in unison to create shared prosperity, progress, and peace that truly enables and empowers everyone, and Mumbai's transition is an example of how that perfect resonance is actually creating that impact that we all had desired and dreamt of for so long. Within 2024, Mumbai is very likely to be a true-blue international city that it would be proud to demonstrate.

Author bio: Pujit Aggarwal is a seasoned real estate entrepreneur with over three decades of experience in disrupting and positively transforming the domain, through matchless excellence in strategy, design and execution. He is the mind behind some truly amazing projects, that have truly set the bar.