Financial Daily from THE HINDU group of publications
Tuesday, Mar 01, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 01, 2005 |
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Money & Banking
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Budget London, Tokyo watch out here comes Mumbai
WHEN I look at the map of the world, I am struck by the strategic location of Mumbai. It lies almost midway between London and Tokyo, two nerve centres of world finance. Mumbai is also home to the National Stock Exchange and the Bombay Stock Exchange, which now rank No. 3 and No. 5 among the stock exchanges of the world by the number of trades per year. In the last decade, we have built world-class institutions on the securities markets and we now compare with the best in terms of technological sophistication, risk management and sound governance. I believe the time has come to begin work on making Mumbai a regional hub for finance. In consultation with the RBI, I propose to appoint a high-powered Expert Committee to advise the Government on how to make Mumbai a regional financial centre.
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