Plan to set up IFSC in Mumbai is still on the cards, says Maharastra CM | mumbai news | Hindustan Times
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Plan to set up IFSC in Mumbai is still on the cards, says Maharastra CM

he announcement comes despite the fact that Union Finance Minister Arun Jaitley had, last December, ruled out another IFSC.

mumbai Updated: Mar 24, 2018 00:15 IST
Naresh Kamath
Fadnavis said that he held a meeting with Jaitley regarding the issue after he released the statement.
Fadnavis said that he held a meeting with Jaitley regarding the issue after he released the statement. (Ht file photo)

Speaking in the legislative council, Chief Minister Devendra Fadnavis reiterated that his government would set up an International Financial Services Centre (IFSC) in Mumbai.

Various options are being worked out and the IFSC will be located on the third level of the bullet train terminus in Bandra Kurla Complex (BKC), Fadnavis said.

The announcement comes despite the fact that Union Finance Minister Arun Jaitley had, last December, ruled out another IFSC on the grounds that the first one at Gandhinagar is still not being fully utilized. “There is a limit on how many IFSCs one can have...one can think of another IFSC only after the one at Gujarat International Finance Tec-City (GIFT) is optimally used,” Jaitley had said in Parliament.

Fadnavis said that he held a meeting with Jaitley regarding the issue after he released the statement.

“I managed to convince Jaitley that Mumbai was a natural financial centre. I told him that one can have a back office in Gujarat but everybody wants finance offices in Mumbai,” said Fadnavis. “There is no problem in having multiple IFSC as London has three,” he added.

Fadnavis said there were some issues in setting up the centre at BKC. “Any IFSC needs 50 hectares of continuous land. In BKC, we have less land and so we are seeking permission to get approval based on the floor space index (FSI) as we have enough FSI there.” He added that another possibility was to use the existing SEZs (special economic zones) as subcentres through a distributed system.

The issue was raised by Congress member Sanjay Dutt, who pointed that there was confusion on this issue. “The Union Finance Minister refuses to set up an IFSC in Mumbai while the chief minister says he is determined to do so,” said Dutt.

Bullet train fare to be on par with regular A/C train fare says CM

Passengers travelling by the Mumbai-Ahmedabad bullet train will have to pay the same fare as the first class AC train passengers, said Chief Minister Devendra Fadnavis in the legislative council.

“We have worked out the viability and hence, we will be charging the normal ticket fares,” said Fadnavis. He was responding to Congress member Sanjay Dutt’s queries on the proposed bullet train.

Fadnavis outlined the fact that it was an era of faster mobility and the adjoining areas in the route of bullet trains benefitted tremendously by it. “A mere 3% of the total population flies, but airports are continuously being built, because mobility is the only way of development and leads to growth,” said Fadnavis.

He said that bullet trains will ensure large scale benefits to the state. “There will be technology transfer, our industries will benefit and there would be large scale generation of jobs,” he added.

Earlier, the railways had estimated the fare of the bullet train to be 1.5 times higher than the fare of first class AC in Indian railways in the range of Rs2,700 to Rs4,000.