@pratik Yes, quite possibly. I saw the comments at the end of the article –

The proposal has upset fishermen, who say the 6.8ha of land that needs to be reclaimed to build the statue will damage the environment. Residents have also questioned why, in a city of striking poverty and underfunded hospitals and schools, so much money is being spent on the structure.

“This is taxpayers’ money and I am sure we would all like this money to be spent on something better like education, infrastructure, and food,” said an online petition by a Mumbai journalist Krishma Upadhyay opposed to the project.

I was just impressed with the physical size and don't personally know enough about the local circumstances to make a value judgement.