Written by: Express News Service
2 min readMumbaiJan 25, 2011 12:26 AM IST
First published on: Jan 25, 2011 at 12:26 AM IST
Maharashtra chief minister Prithviraj Chavan has resurrected the long-pending plan to convert Mumbai into an international financial centre.
The state is working with the central government to bring about legal and regulatory changes to make Mumbai an international financial centre,Chavan said here on Monday.
Mumbai ranks among the worlds 10 leading financial centres. Nevertheless,it is not an international financial centre in any way comparable to London,New York,Singapore or Dubai. We are working with the central government to bring about extensive legal and regulatory changes that would make this possible, Chavan said at the CII Partnership Summit 2011 here.
The multi-billion dollar Mumbai Makeover plan of the state government presents tremendous opportunities for partnerships in planning,investing and executing large and innovative projects in sectors like urban transport,housing,water supply,sewage disposal and energy, he said.
In 2007,the Percy Mistry committee on Making Mumbai an IFC had proposed a host of proposals on reforming the economy.
If Mumbai doesnt 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, Mistry had said.
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