Business Daily from THE HINDU group of publications
Thursday, May 17, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, May 17, 2007 ePaper |
|
|
|
|
|
|
|
Money & Banking
-
Financial Markets Industry & Economy - Events States - Maharashtra `London Mayor visit will boost plans for global financial hub' K.R. Srivats
Only two years ago, the Finance Minister had made known the Government's intention to position Mumbai as a regional hub for finance.
New Delhi May 16 India's quest to develop Mumbai as an international financial centre (IFC) would get further impetus, with the Ambassador of the UK-based financial services industry and Lord Mayor of the City of London, Mr Alderman John Stuttard, beginning his official visit early next week. Sources in the British High Commission here said that Mr Stuttard would, during his weeklong visit from May 21, explore how London can work with the Indian Government to help develop an IFC in the country. Mr Stuttard and the accompanying 40-member high-powered business delegation from the UK would visit Delhi, Kolkata and Mumbai to share their experiences of developing a financial centre with Indian policy makers. London is one of the very few truly global IFCs in the world. Mr Stuttard would meet the Finance Minister, Mr P. Chidambaram, the Reserve Bank of India Governor, Dr Y.V. Reddy, the Commerce and Industry Minister, Mr Kamal Nath, and also the Mayor of Kolkata. Two seminars are also planned, one in Delhi on how London's global financial experience could be relevant to India, and another in Mumbai later in the week, on how public-private partnerships might help finance India's infrastructure. Mr Stuttard would be accompanied by a large delegation including top executives of London Stock Exchange, Chartered Accountants in England & Wales, JP Morgan, KPMG, Law Society, Standard Life Assurance, PricewaterhouseCoopers and the Royal Institute of Chartered Surveyors. Only two years ago, Mr P Chidambaram had made known the Government's intention to position Mumbai as a regional hub for finance, and pointed out the strategic location of Mumbai (between London and Tokyo). A Government-appointed panel had recently gone a step ahead and recommended a slew of measures for turning Mumbai into an IFC. The Finance Ministry is currently examining the recommendations. Besides introduction of full-convertibility of the rupee by end-2008, the High Powered Committee had in its report on `Making Mumbai an International Financial Centre' suggested that the rupee-denominated G-secs should be thrown open fully to foreign investments. The committee, largely comprised of bankers, had suggested the creation of a rupee-settled exchange-traded currency derivatives market, with trading in futures, options and swaps on currencies. It had also suggested that foreign clients be allowed to purchase, without any limits, rupee-denominated bonds issued by corporates or sub-sovereign entities (States and metropolitan administration).
Related Stories: More Stories on : Financial Markets | Events | Maharashtra
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|