With US$36 Billion in socioeconomic benefits for the region
As India moves to create the first hyperloop project in the world, Virgin Hyperloop One (VHO) has released new jobs figures for the entire project verified by KPMG, a strategic partner, estimating that it will create over 1.8 million direct and indirect jobs in the region through the creation of a hyperloop route.
According to estimates by VHO in conjunction with KPMG, the total project will attract an investment of over US$10 billion over the duration of construction.
Over its lifetime, the project will create over US$36 billion USD in socio-economic benefits resulting in a 2.6% increase in State GDP, and create new hyperloop component and manufacturing opportunities for Maharashtra to supply projects within India, and export to the rest of the world.
Employment projections for the project take into account the jobs created via construction, operation, manufacturing and research and development over the life of the project.
The figures take into account direct jobs (jobs directly related to hyperloop project development activities), and indirect jobs (upstream industry sectors that support the hyperloop project).
Harj Dhaliwal, Managing Director of India and the Middle East for Virgin Hyperloop One said: “The Pune-Mumbai Hyperloop Project is well on its way to becoming the first of its kind transit option, creating new economic opportunities for hundreds of millions of Maharashtra residents. But that’s just the beginning.”
“We envision a future in which Maharashtra becomes a global supply hub to support hyperloop projects around the world 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 in over 100 years.”
Last month, in a landmark announcement for building the Pune-Mumbai hyperloop transportation system, the Government of Maharashtra deemed hyperloop a public infrastructure project.
The MahaIDEA Committee also earlier approved the Virgin Hyperloop One-DP World (VHO-DPW) Consortium as the Original Project Proponent (OPP) for the Pune-Mumbai Hyperloop Project.
There are approximately 75 million passenger journeys between Mumbai and Pune annually – expected to skyrocket to 130 million by 2026.
Virgin Hyperloop One’s system can meet this growing demand by supporting as many as 200 million passengers annually, linking central Pune and Mumbai in less than 30 minutes, as opposed to the current 3.5+ hours.
This ultra-high speed linkage not only opens up new economic and social opportunities but also offers a sustainable form of mass transportation with zero direct emissions.
The Government of Maharashtra is finalizing the hyperloop infrastructure project Request For Proposal (RFP) and is expected to invite bids for the RFP under the MahaIDEA Act for infrastructure projects.
The VHO-DPW proposal includes USD $500 million of private equity funding for Phase 1 of the project. Phase 2 will be funded via debt and equity to be mobilized by the private sector ensuring that public money is not re-allocated from other infrastructure projects.
The proposed Mumbai-Pune Hyperloop Project would link central Pune and Mumbai in less than 30 minutes, supporting up to 200 million passenger trips annually.