IFC in Mumbai will boost economy, create jobs: Mistry

The Mistry committee had proposed a host of proposals on reforming the economy, the financial sector and the infrastructure for the creation of an IFC. Though the government released the report four months ago, it8217;s yet to announce any concrete action plan on this.

Mistry warned that upcoming cities like Dubai and Singapore would grab business from Mumbai. 8220;If Mumbai doesn8217;t develop an IFC, business will move to Dubai and Singapore. You need to develop support systems like auditing, legal, banking etc while creating an IFC,8221; he said. He also advocated for economic freedom in the country. 8220;The financial sector needs freedom from the licence-permit raj. The freedom that the industry enjoys should be extended to the financial sector also,8221; the former World Bank official said.