Chief minister Devendra Fadnavis has constituted a high-powered task force to draft an action plan to set up the International Financial Services Centre (IFSC) in BKC. A senior bureaucrat said the task force would be cochaired by Deutsche Bank chief executive officer Anshu Jain and SBI chairperson Arundhati Bhattacharya, while additional chief secretary (finance) Sudhir Shrivastava, metropolitan commissioner UPS Madan and the CM's principal secretary Praveen Pardeshi and OSD Kaustubh Dhavse are the other members on the task force. “The main terms of reference of the task force are to work out a comprehensive ac tion plan for the international finance services centre, seek advice on regulatory issues from the RBI and allocate responsibilities so that the IFSC is set up in a time bound period,“ the bureaucrat said.
Saying London has six different mini-hubs that comprise the financial hub, the bureaucrat said the government had set itself the goal of setting up the best financial services centre in the world.
“Mumbai has an advantage over the rest of the country. Now we require significant soft and hard infrastructure improvement to attract global talent. Dispute mechanisms will have to be world class for the IFSC to succeed. London enjoys a huge advantage as it is the arbitration capital of the world,“ the bureaucrat said.
The official said that as taxation laws were the most important aspect of a financial hub and the Centre would have to play a crucial role on that front, the CM had agreed to take the responsibility for it. “Changes in laws will have to be effected by the Centre, and the state has major responsibility to work in close coordination with the Centre in order to create a legal and regulatory framework that makes Mumbai a credible competitor to London, New York and other IFSCs,“ the bureaucrat said.
The official said creation of the IFSC was central to the economic aspirations of the national government.
“We are sure that when the task force meets in July in the presence of the CM, a clear and credible road map will be ready ,“ the official said.
Saying London has six different mini-hubs that comprise the financial hub, the bureaucrat said the government had set itself the goal of setting up the best financial services centre in the world.
“Mumbai has an advantage over the rest of the country. Now we require significant soft and hard infrastructure improvement to attract global talent. Dispute mechanisms will have to be world class for the IFSC to succeed. London enjoys a huge advantage as it is the arbitration capital of the world,“ the bureaucrat said.
The official said that as taxation laws were the most important aspect of a financial hub and the Centre would have to play a crucial role on that front, the CM had agreed to take the responsibility for it. “Changes in laws will have to be effected by the Centre, and the state has major responsibility to work in close coordination with the Centre in order to create a legal and regulatory framework that makes Mumbai a credible competitor to London, New York and other IFSCs,“ the bureaucrat said.
The official said creation of the IFSC was central to the economic aspirations of the national government.
“We are sure that when the task force meets in July in the presence of the CM, a clear and credible road map will be ready ,“ the official said.
No comments:
Post a Comment