News: Mumbai has miles to go, says FM

(DNA 24/04/2007) Mumbai - Making Mumbai an International Financial Centre may have more to do with the financial system than with the city per se. That was Union Finance Minister P Chidambaram at a conference organised by the Confederation of Indian Industry on Monday. The real challenge in creating a global financial hub, the minister said, was to convince various sections of society the advantages of a free, deregulated financial system. The conference was organised to unveil the high-powered expert committee report on Mumbai as an international financial centre. "It takes a long distance to travel," the minister warned. He said, "I caution you, greater effort has to be made to convince different stake holders of the advantages of a deregulated, liberalised and globalised economy." Chidambaram said if one was convinced about the advantages of the deregulated financial system, then this report was a "do-it-yourself". The minister, it seemed, was more guarded this time. His statement, on an earlier occasion, about the city's need for greater autonomy, drew flak from Opposition party members. The report sets out a roadmap to make the city an International Financial Centre on the lines of London, New York and Singapore by 2020. Admitting the need for better infrastructure, State Minister for Finance and Planning Jayant Patil, said: "We are aware of the need to upgrade infrastructure. The pace of reforms in the last two years is for everyone to see. In the next five years, we will see a sea change in terms of bigger airports, better rail transport, roads, housing and schools." Chidambaram also emphasised the role of better infrastructure. "The city must be a place where people can work, live and play. That's what makes it a life," he said.