Updated 19 September 2019 at 13:54 IST
Hyperloop project can push Maharashtra's GDP by 2.6% and generate jobs
Hyperloop Project: The world's maiden ultramodern superfast transport project, the Mumbai-Pune Hyperloop, is expected to increase the state's GDP by 2.6 %.
The world's maiden ultramodern superfast transport project, the Mumbai-Pune Hyperloop, is expected to increase the state's GDP by 2.6 per cent besides generating over tens of thousands of direct and indirect jobs, claims a study. Maharashtra, which had last month given infrastructure status to the project, is expected to invite RFP (request for proposal) bids soon. The Rs 70,000-crore project will reduce the travel time between the two cities to just 23 minutes from an average of over 4 hours now.
The project will generate 1.8 million jobs in the state
The state government also approved the formation of a consortium of Hyperloop Technologies and DP World FZE. "Over its lifetime, the project will create over USD 36 billion in socio-economic benefits, resulting in a 2.6 per cent increase in the state's gross domestic product, and create new hyperloop components and manufacturing opportunities in the state to supply projects elsewhere in the country, and also to export," a release said quoting a Virgin Hyperloop One-KPMG report Wednesday. The total project will attract an investment of over Rs 70,000 crore on completion, it said, adding it will also generate 1.8 million direct and indirect jobs in the state. Also, job projections for the project take into account the jobs created via construction, operations, manufacturing and R&D over the life of the project, said the report.
Economic opportunities for millions
"The Pune-Mumbai Hyperloop project is well on its way to becoming the first of its kind transit option in the world, creating new economic opportunities for millions. But that's just the beginning," said Harj Dhaliwal, Virgin HyperloopOne managing director for India and the Middle East. "We envision a future in which Maharashtra becomes a global supply hub to support hyperloop projects with manufacturing, design, and engineering support services-- making it not just hyperloop's first home, but a global leader for the first new mode of mass transportation," he added.
The hyperloop trains will run from BKC in Mumbai to Wakad in Pune, covering a distance of 117.5 km, at a speed of 496 kilometres per hour and cover the distance in just 23 minutes. In the first phase, the project will be run on a pilot basis for 11.8 km in Pune at a cost of Rs 5,000 crore. The VHO-DPW proposal includes USD 500 million in private equity funds for phase 1, while the second phase will be funded via debt and equity. There are around 75 million passenger journeys between Mumbai and Pune annually, which is expected to grow to 130 million by 2026.
Published By : Press Trust Of India
Published On: 19 September 2019 at 10:37 IST