Authored by Sangeet H Kumar
CEO, ACBD Global Asset Corp
Mumbai city, known as the “Financial Capital” of India, has a new aspiration…..
to become a “Global Financial Centre” (GFC).
It’s not that we the Mumbai-ites want this to happen. It’s the combined initiative of the India government, the Indian Industry & Trade Organizations and the world market forces that are driving this dream into reality. Even recently on his visit to Mumbai, Ken Livingstone, the Mayor of London, believes that Mumbai has the potential of becoming a big financial centre, just like London. Let’s analyze as to what are the driving factors for making Mumbai a GFC -
(1) Rapid growth of Indian Economy and the continuous flow of foreign Direct Investment and Foreign Initiative Investment (FII) have created a need of an International Financial Centre.
(2) Mumbai has one of the most talented & educated and English literate human resources, in form of IT, finance & banking professionals.
(3) Mumbai also has a geographical & location advantage, as it serves Europe, Middle East and Asia market, through a single business day.
(4) India is increasingly becoming a favorite destination for global investments in Indian stock market & Real Estate Industry.
To realize the dream of becoming a GFC, there are a number of Private and Government Initiated Projects that are being undertaken or being planned.
Modernisation and development of Chhatrapati Shivaji International
Airport (CSIA) at Mumbai.Project cost is pegged at Rs 5700 crore.
Phase-I will completed by 2010.
Development of an International Airport at Navi Mumbai, part of Mumbai Metropolitan Region.
The Airport will be developed as a Greenfield Airport through Public Private Partnership (PPP)..Project cost will be Rs 9970 core with a targeted completion by year 2013.
Development of Mill land paving way for real estate development in the form of Shopping Malls, Multiplexes, Residential and Commercial spaces.
Bandra-Worli Sea Link Project expected to be ready by Mid 2008 will reduce
congestion at Mahim causeway and the western corridor.
Project is currently estimated to cost Rs 1,104 crore and will lead to fuel saving.
Nhava Sheva - Sewri Sea Link project envisages a six lane expressway connecting Sewri in South Mumbai to Nhava in Navi Mumbai. Project is expected to be completed by year 2018.
Mumbai Metro Rail Project envisages rail link between Versova-AndheriGhatkopar in Phase-I at a cost of Rs 2356 core. Phase-I will be operational by 2011.
Dharavi Slum Redevelopment Project envisages development of integrated township with world class amenities and infrastructure.Project will be executed at a cost of $2.3 billion.
Brihanmumbai Storm Water Drain project envisaging the complete overhaul of the 100-year old drainage system in the city initiated by BMC.
Middle Vaitarna Dam Water Supply Project under JNNURM ensuring sufficient and smooth water supply to Mumbai residents. Govt. of India has approved 35% funding of the project.
Mumbai Sewerage Disposal Project Phase II
Mumbai Urban Transport Project PhaseII implementation.
Project has so far received an in principal approval from the Ministry of Railways.
So as the world enters into the New Year of 2008, Mumbai is getting ready to join New York, Chicago, London, Frankfurt, Geneva, Zurich, Hong Kong, Singapore, Tokyo and Sydney as the New Champion City of the financial world.
Contributed By : Sangeet H Kumar
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