Billionaires’ manifesto for Mumbai

Mumbai, with 92 billionaires, faces deteriorating quality of life due to incomplete infrastructure. Billionaires share wish list including completed projects and better public services.

According to the Hurun Global Rich List 2024, Mumbai has 92 billionaires, the densest concentration of the wealthy in Asia, surpassing Beijing. But even as Mumbai continues to generate wealth, the overall quality of life in the city has steadily deteriorated with incomplete works of infrastructure, poor road quality, traffic clogging up and rising pollution.

HT Image

In this election season, when campaign promises are as plentiful as the particulate matter suspended in Mumbai’s air, HT spoke to five billionaires on Hurun’s list to prepare a short manifesto for the city. Here’s what’s on their wish list:

Niranjan Hiranandani, 73, chairman, Hiranandani Group

Wealth: $5 billion (Hiranandani and family)

There is infrastructure work happening undeniably but these need to be completed promptly. Let’s look at the fantastic work of Metro that’s taking place, one would want their depots, including the underground connection from Colaba to Aarey, be done as fast as possible, freeing up road space.

The last mile connectivity – in terms of bus routes, rickshaw and taxi stand – that takes people to their destination, once they get out of the Metro station also needs to be built, and built swiftly. This will bring more effectiveness to the Metro connections. There are hardly any footpaths if one gets down at Powai Metro station, for instance, as they all are encroached. You can’t get an auto, bus or an Uber there. This needs to change.

The coastal road too should be completed as fast as possible, at least up till Bandra. It will improve the North-South traffic. Also, the opening of the promised 175-acre gardens with running, cycling and walking tracks, from Priyadarshini Park to Worli, is something I am looking forward to.

There are certain perennial traffic hurdles in Mumbai like Juhu-Vile Parle (JV) Link road that need to be addressed. Then there is the huge bottleneck at IIT which needs to be addressed with an elevated road perhaps that will ease the traffic there and ensure smoother east-west connectivity. The Thane to Borivali tunnel should also be done expeditiously. The government may have started most of these schemes but it needs to effectively close them.

In addition, I would also like the authorities to focus on creating sewage recycling plants everywhere. The treated water can then be used for the maintenance of Royal Western India Turf Club, Azad Maidan and the other city maidans. At our Powai and Thane constructions, we recycle four million litres of water per day and use it for gardens, flushing, etc. If this is done on a city-wide basis, our water requirement will come down by 30 percent, and the city can generate 24/7 water supply. When the quality of life improves, the city too will reflect a different energy.

Raamdeo Agrawal, 67, group chairman & co-founder, Motilal Oswal Financial Services

Wealth: $ 1 billion

This city is the mai-baap of this country. I came here as a migrant in 1978, but there had been no significant improvement in infrastructure until now. The Mumbai Trans-Harbour Link is a good beginning as is the coastal road but it needs to be completed expeditiously.

Given that Mumbai is the finance hub of the country, it should have infra surplus. For instance, we need better airport infrastructure in that the terminals need to be interconnected. Second, the roads in and around the airport should be decongested. The transport upgrade is not limited to airports, there is so much chaos on our suburban rail network. I don’t see why we can’t improve local train services.

Mumbai is such a wonderful city with a dedicated workforce, efforts need to be made to ensure their lives are made easy. Daily commute cannot become a daily punishment. While I see things moving towards betterment, it’s all very slow, and not reflective of our GDP growth. The state government has to invest in the city. Mumbai is ready to pay to have better infrastructure and amenities so then why can’t we get world-class infra here? This would be my top demand from any new government.

Nirmal Jain, 57, founder, IIFL Group

Wealth: $1 billion

As the country gears up for election, my wish list for Mumbai focuses on sustainable development, improved public infrastructure, and robust environmental policies. Mumbai grapples with urban congestion, pollution, and the pressing need for better public transportation.

The city’s battle against climate change, especially its fight against rising pollution levels, urgently requires our attention. To tackle these issues, I advocate embracing green technologies and increasing green spaces to boost air quality and offer citizens healthier living conditions. Investing in electric public transportation and mandating a shift to electric three-wheelers will drastically cut pollution and noise, reducing our carbon footprint. Additionally, strict waste management practices are essential for tackling pollution and fostering sustainability.

The government’s initiatives like coastal road, metro expansions, and Trans-Harbour Links are steps in the right direction and should be completed as planned.

Promoting educational and cultural hubs is another requirement to add value to the city. By focusing on education, arts, and culture, Mumbai can solidify its status as a hub of innovation and creativity. This will not only improve residents’ quality of life but also attract global talent and tourists, boosting economic growth and cultural richness.

BN Singh, 83, executive chairman and co-founder of Alkem Laboratories

Wealth: $3 billion (Singh and family)

I have been a resident of Mumbai for more than 50 years and I have seen the city grow both in terms of area and population. My wish list centres around enhancing the city’s liveability quotient. Better public transportation to ease traffic and shorten commutes. We need to address pollution by increasing green areas, and provide clean water and sanitation for all Mumbaikars which is not the case as yet.

The city also requires resilient healthcare systems which means greater investment in public healthcare facilities, promoting medical research, and ensuring equitable access to healthcare to all. For better wellbeing of Mumbaikars, we need more open spaces for public use, access to green areas and public recreational facilities.

Ashwin Damera, 45, co-Founder & CEO of Emeritus

Wealth: $1 billion

Mumbai has many vital infrastructure projects underway and the main hope from citizens would be the timely implementation of these. Whether it’s the full opening of the coastal road, the Navi Mumbai airport or the metro expansion.

Also, the city should learn from, and avoid the infrastructure bottlenecks that other cities are suffering from such as Bangalore’s water woes or Delhi NCR’s pollution issues.

I would like to see the new government work to create a much better slum rehabilitation policy. It’s unfair to many millions of Mumbaikars who live under these horrible conditions.