Fadnavis defends Centre over setting up of IFSC HQ at Gandhinagar

Former chief minister and Leader of Opposition Devendra Fadnavis on Saturday defended the Central government’s move to set up International Financial Services Centre

Former chief minister and Leader of Opposition Devendra Fadnavis on Saturday defended the Central government’s move to set up International Financial Services Centre (IFSC) headquarters at Gandhinagar and said it was unfair to blame Prime Minister Narendra Modi for this. He was referring to allegation by state revenue minister and Congress leader Balasaheb Thorat that the move was undertaken to reduce the importance of Mumbai as the financial capital of the country.

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Fadnavis also claimed that the previous state government, during his tenure, had submitted a proposal to the Centre to allow functioning of two IFSCs in the country – in Mumbai and Gujarat – and added that it was still under consideration.

In his tweet, Fadnavis recalled the history of IFSC saying it was the then Congress-Nationalist Congress Party (NCP) government which is to be blamed for this as it did not consider the option when it first came up in 2007. “A high-powered committee of the Central government submitted a report in February 2007, recommending creation of IFSC. Neither did the government of Maharashtra submit any official proposal, nor did the Centre consider it,” said Fadnavis. He further credited PM Modi, then chief minister of Gujarat, for offering Ahmedabad for setting up IFSC in 2007, following which work for the same started in 2012.

“The headquarters is announced at Gandhinagar because it is the only functional IFSC. Those who are beating the chest now were in power from 2007 to 2014 and did nothing for Mumbai IFSC,” he said. Fadnavis said Mumbai has a natural ecosystem and can still become an IFSC if the state government so desired.

Congress spokesperson Sachin Sawant said, “It is not a secret that PM Modi has always wanted to bring Gujarat ahead of all other states and that he does not look at all states equally. But, the Fadnavis government also mislead people for five years by claiming that an IFSC would be built in Mumbai.’’