Mumbai Metropolitan Region Development Authority (MMRDA) is grappling with substantial financial losses due to its transportation ventures, specifically Metro 2A, Metro 7, and the Monorail system. These projects are collectively anticipated to contribute to losses exceeding $8 billion within the current fiscal year.
Metro 2A operates from Dahisar East to Andheri, while Metro 7 runs between Dahisar East and Gundavali. The Monorail network traverses the route from Chembur to Jacob Circle via Wadala.
Even though Metro lines 2A and 7 have been operational for just over a year, they have accumulated losses of approximately $2.8074 billion as of March 31, 2023. Despite a daily ridership of around 2.10 lakh passengers, these lines have generated a revenue of $4.126 billion against an expenditure of $3.22 billion in the previous fiscal year.
Contrastingly, the Mumbai Monorail, which has been grappling with underwhelming performance since its launch in February 2014, is poised to amplify MMRDA's financial challenges. With an average ridership of almost 10,000 passengers and a train frequency of 25 minutes, the Monorail's financial outlook is bleak. During the year 2022-23, around 36.36 lakh passengers utilised the Monorail. However, for the ongoing year 2023-24, projections indicate revenue of $136.4 million against a staggering estimated expenditure of $5.4263 billion, resulting in an approximate loss of $5.23 billion. A substantial portion of the expenditure will be allocated to procuring new monorail trains, the first of which is expected to be delivered by Medha Servo Drives later this year. Presently, out of the 11 monorail trains in Mumbai, only 8-9 are in service.
With Metro lines contributing 12.8% and Monorail 5.4% of MMRDA's revenue, the mounting losses underscore the necessity for a comprehensive financial restructuring. The situation demands immediate attention, calling for strategic interventions to mitigate losses and ensure the long-term sustainability of these crucial transportation initiatives.
