Maharashtra CM revives Mumbai makeover plan

Mumbai ranks among the worlds 10 leading financial centres. Nevertheless,it is not an international financial centre in any way comparable to London,New York,Singapore or Dubai. We are working with the central government to bring about extensive legal and regulatory changes that would make this possible, Chavan said at the CII Partnership Summit 2011 here.

The multi-billion dollar Mumbai Makeover plan of the state government presents tremendous opportunities for partnerships in planning,investing and executing large and innovative projects in sectors like urban transport,housing,water supply,sewage disposal and energy, he said.

In 2007,the Percy Mistry committee on Making Mumbai an IFC had proposed a host of proposals on reforming the economy.

If Mumbai doesnt develop an IFC,business will move to Dubai and Singapore. You need to develop support systems like auditing,legal,banking etc while creating an IFC, Mistry had said.