The Hindu Business Line : Steps for making Mumbai a financial hub soon

New Delhi, Aug. 21 The Finance Ministry will soon initiate steps to catalogue the activities, both legislative and administrative, that need to be undertaken to make Mumbai an International Financial Centre (IFC).

The recommendations in the report of the Government-appointed High Powered Expert Committee (HPEC) on ‘Making Mumbai an International Financial Centre’ would form the basis for such an exercise, a top Finance Ministry official said.

“We have received enormous amount of comments on the HPEC report. Beginning September, we will begin to consolidate the comments and start the internal governmental process of taking this up to governmental hierarchies.

“Eventually, we will try and get a decision from the Government on each of these recommendations, get an in-principle approval first of the acceptance of the idea and then the detailed next steps. This would take between three and six months,” Dr K.P. Krishnan, Joint Secretary in the Finance Ministry said.

He was addressing a workshop on ‘Making Mumbai an International Financial Centre’, organised jointly by the NCAER, Finance Ministry and MasterCard Worldwide.

The key recommendations of the HPEC report include capital account convertibility in a compressed time frame, need to recognise the integration taking place in the financial markets and the need to have an independent and accountable central bank (as part of the recommendations on monetary policy) and the need to move to principle-based regulations from rule-based regulations.

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