“It is true that the progress is not as per the expectations,” Deshmukh told the media on Thursday.

The State Government has an ambitious Rs 2-lakh crore ($ 60 billion) plan to overhaul crumbling infrastructure and create new infrastructural facilities in the Mumbai Metropolitan Region (MMR) spread over 4,500 square km by 2020.

Deshmukh added that there were expectations that the infrastructure creations would be done soon under the makeover, and said they were sure that it would take “two to three years” for the Metro, Skyrail and Waterway projects to be operational.

“We are trying to see how the works can be speeded up,” he said, adding that the inland waterways project to be started in “one to two years” would reduce the load on the road traffic, which would be diverted there.

The Versova-Andheri-Ghatkopar corridor of the Mumbai Metro was stuck in land acquisition wrangles for its yard, and there were issues like encroachments and rehabilitation. Co-ordination of the work was on, and Deshmukh admitted that though the work of putting up pillars on the section was underway at some sites, the “visible work” had not yet started.

The State Government had also embarked on a “time-bound programme” with 2012 being the “last limit” for the operationalisation of the Metro Railway, road development, skyrail and waterway projects, apart from addition in power generation capacity.

The pending work of the Metro and the Navi Mumbai airport would be completed, and Deshmukh said they had spoken to the authorities at the Frankfurt airport, which had specialisation in cargo handling, for the time-bound development of the cargo hub at Nagpur.

Deshmukh, who said he was the only Chief Minister from the country to be invited it to the WEF this year, participated in seminars regarding the development of Mumbai as an international finance centre (IFC), the value of water and urban renewal.

The development of Mumbai as an IFC would also necessitate the creation of schools and educational institutions of international standard, and Deshmukh said he had also met corporate heads from companies like Siemens, which wanted to invest in the state but was awaiting a clearance from its board regarding the location of its software centre and actual investment.

Discussions were also held with representatives of companies like Bombardier, which had been given offers by the state to set up repairs and maintenance facilities for its planes and the railway locomotive industry.

Deshmukh, who visited the Hanover Exhibition Centre, said there were plans for a dedicated exhibition centre in Mumbai. A visit had also been made to the Volkswagen factory, and shoes and garments major Geox had also shown interest in setting up a manufacturing facility in the state.