The world’s maiden ultramodern superfast transport project, the Mumbai-Pune Hyperloop, is expected to increase the state’s GDP by 2.6 percent 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 state government also approved formation of a consortium of Hyperloop Technologies and DP World FZE.
“Over its lifetime, the project will create over USD 36 billion in socioeconomic benefits, resulting in a 2.6 percent 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.
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.
“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 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 kmph 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 USD500 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. PTI IAS