Another panel to help turn Mumbai into financial hub

A 10 member panel of technical experts will be set up to suggest solutions for upgrading infrastructure in Mumbai in the run up to making it an international financial hub. The committee would include members from the road, transport, water management and other core sectors. Representatives from various central government ministries, departments and the Maharashtra government will also form part of this key panel. The decision to constitute this committee was taken at a meeting of top officials from finance and urban development ministries last week. "Members will look at the finer details of upgrading Mumbai's infrastructure, "a senior official in urban development ministry said. He added that the committee's recommendations would be in sync with report of high-powered expert committee on making Mumbai an international financial centre. The report, chaired by economist Percy S Mistry, was submitted in February 2007 to then finance minister P Chidambaram. It lists crumbling houses in dilapidated buildings, poor roads and rail mass transit, absence of arterial expressways, poor quality of airports and provision of power and water as some of the deficiencies in Mumbai. It says that the glaring deficiencies in the city's urban infrastructure need to be addressed and rectified on a war footing. "The report has given a vision for change and to effect these changes, experts opinion would be needed which the core committee will provide,"explained the official.
Officials from ministries of finance and urban development met a week ago to discuss various aspects of the report's recommendations. Panel members will look at the finer details of upgrading Mumbai's infrastructure "It is the beginning of a series of discussions wherein ways and means - are being examined to fast track the making of Mumbai as an international financial hub," he said.According to the report, , the ministry of urban development would play a crucial role in upgrading infrastructure facilities while the ministry of finance would work towards improving financial services provided by the island city. The report had recommended liberalisation of financial services and drastic improvements in the exiting infrastructure of Mumbai.