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Making India an International Financial Centre
24
Jan '08
With inherent size of India, ever increasing growth rates and promising potential of further boost in trade and global investments, the country has in recent years been speaking only the language of globalization.

'Making India as an International Financial Centre, what has already been done and what needs to be done” was the topic that was debated and dwelt at Davos at a breakfast meeting organized by Confederation of Indian Industry and The Citi Group on 24 January 2008.

India needs an IFC and the report submitted by the Percy Mistry Committee in February 2007 to the Union Government elucidates that Mumbai is the only place in the country that could facilitate better transactions by being an International Financial Centre.

With a robust financial history, Mumbai witnesses almost 95 % of the country`s transactions in stock exchanges. Presence of major regulatory bodies, commodity exchanges has only attracted various International Financial institutions to set up shops in Mumbai, said Mr Vilasrao Deshmukh, Hon'ble Chief Minister of Maharashtra.

While concerns on infrastructure is attracting more debate, the State Government is sparing no efforts to address infrastructural concerns in speeding the growth of Mumbai as a world class business centre.

The Mumbai Metropolitan Region through its 'bettering Mumbai' initiative' intends to cover 4500 sq km by 2020, the estimated expenses of which is to the tune of US $ 60 bln, he indicated.

US $ 8 bln of works are already in progress for improving Mumbai's infrastructure and through the Public Private Partnership model, the city will certainly attract global partners and investments in coming months.

Efforts are on to speeding up the second phase of the Metro rail project and that the city would enjoy better facilities once water ways can be used as a daily mode to ease the congestion on roads.


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