| Font Size - |
Narinder Nayar, president of Bombay First, spoke about the long overdue decision on the IFC during his speech at the Indo-UK seminar on ‘Building World Class Cities’ on Tuesday. “When the Lord Mayor of the City of London meets the Union Minister of Finance, maybe he should emphasise the importance of making Mumbai an International Finance Centre, and also tell them what benefits will come to Mumbai once it’s in place,” Nayar said.
The proposal to create an International Finance Centre in the financial capital has been stuck due to various amendments in law and financial policy that are first required. A committee chaired by Percy Mistry laid down various conditions, such as reform of the regulatory system, withdrawal of the State from all financial institutions, change of tax systems, a roadmap of fiscal prudence, the opening up of Indian banking and modernisation of stock exchanges if the idea is to work.
“We have been trying to get the government to do something for the last four years. All the reports from various committees have stated that Mumbai should become an International Financial Centre, but I don’t know why nothing is progressing,” Nayar said.
The Lord Mayor, in his speech, said India could be London’s most important partner. “India stands at the centre of the 21 st century’s commercial world and our two nations are already a strategic partnership of equals. But, London needs to work closely with what could become our most important partner,” Lewis said.
| Bookmark this Page |
|
Rating| Most Read Articles |
 |
