News: 'Mumbai to be showcased as financial hub'

(PTI 11/06/2006) Mumbai - Aiming to bring about balanced development and decongest the island city, the Maharashtra government has decided to showcase Mumbai as a financial centre while promoting other Tier II cities in the state as service and manufacturing destinations.

"We need to have all-round development of the state. As a policy decision, we have decided to promote places like Aurangabad, Nasik, Nagpur and other Tier II cities as favourable investment destinations in the state. Mumbai being the financial capital would be the financial centre," Maharashtra Chief Minister Vilasrao Deshmukh said.

"Mumbai and Navi-Mumbai have become saturated. We have other destinations which can be offered to industries and government is committed to develop infrastructure in these areas to attract investments," he added.

In the coming 3-6 years, 51 SEZs would come up in the state at an investment of Rs 89,000 crore and the overall investment, including infrastructure, stood at Rs 2,34,000 crore, Industries Secretary V K Jairath said.

In a survey conducted by Switzerland's International Institute of Development, Maharashtra was placed in 38th position as a favourable investment destination ahead of places like Greece, South Africa, Italy and Philippines, he said.

The state had received Foreign Direct Investment to the tune of $13.6 billion, he added.