The state has set up a task force under Union minister of state for finance Jayant Sinha to get the proposed International Financial Services Centre off the ground in Bandra-Kurla Complex.
The task force, with seven members from the Centre and state was set up for speedy execution of the 20-hectare project. BJP MP Poonam Mahajan is the deputy chairperson. “With Sinha as the chairperson, we can resolve administrative, execution hurdles quickly,” said a senior bureaucrat, not wishing to be named.
“While the centre has issued a notification for the country’s first IFSC at the Gujarat International Finance Tec-City (GIFT) — a finance SEZ spread across 885 acres near Ahmedabad, we hope an independent notification gets issued for Mumbai’s IFSC in BKC,” the bureaucrat said.
In the project’s first phase, the state government is looking to set up an international arbitration centre for dispute resolution, on the lines of the one in London, and put in place world-class infrastructure and entertainment facilities.
The plan also includes improving connectivity to and within BKC and giving a boost to the hospitality sector by allowing starred hotels to come up here.
While the state government is relying on the guidelines the Reserve Bank of India (RBI) issued for GIFT, they also hope a separate notification, which can handhold Mumbai’s IFSC dream, is issued, because the ground reality in BKC is very different from the green field GIFT project.
In May this year, chief minister Devendra Fadnavis had revived the seven-year proposal of developing an international finance centre in Mumbai. He set up a high-powered committee — co-chaired by former CEO of Deutsche Bank, Anshu Jain, and State Bank of India chairperson Arundhati Bhattacharya — to lay down a roadmap. While this committee will continue with its tasks of preparing the regulatory and legal framework to set up the IFSC, the planning, overseeing of the development and co-ordination with the Centre will be handled by the Sinha-led task force, which also includes the state’s chief secretary Swadheen Kshatriya, principal secretary of the urban development department, Nitin Kareer, MMRDA commissioner UPS Madan, a member from the department of economic affairs, Delhi, and officer on special duty to the CM, Kaustubh Dhavse.
The taskforce can also call on, as invitees, the heads of a public sector and private sector bank, a representative from the RBI, an expert on capital markets, a foreign regulator and an urban planner, among others.