PM Modi's love for home state! IFSC HQ in Gandhinagar, not Mumbai!
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In a disappointing move and disregard to India's financial capital Mumbai, the Narendra Modi led government has decided to locate the newly created International Financial Services Centre (IFSC) Authority in Gandhinagar. PM Modi's this move does anything but dominates the stature of the Prime Minister which demands the authority to always rise above his or her state and that the decisions to be broad, inclusive and of a national level.
The IFSC Authority is a unified agency to regulate all financial services in international financial services centres in the country. With Mumbai accepting defeat to Gujarat's Gandhinagar, city's long dream of becoming an International Financial Services Centre is dead and buried.
The Mumbai IFSC project, though, was a nonstarter since its birth in 2006. When the then Prime Minister Manmohan Singh announced it, the idea was to let Mumbai take advantage of its unique geographical location. Time-zone wise the city is midway between two major IFSCs - Singapore and London.
"Rest In Peace" IFSC (International financial services centre) dream of Mumbai.Mumbai is again robbed of its opportunity to become an IFSC destination due to special biased love of our Prime minister for Gujrat.
— Prof. Varsha Eknath Gaikwad (@VarshaEGaikwad) May 2, 2020
P.M is for the country or just for one state?REFLECT.@INCIndia pic.twitter.com/m22qqChozd
However, the recommendations of a committee formed under well known investment banker Percey Mistry to recommend the path ahead were never followed. Percy committee had sought a major upgrade of city's infrastructure. but what Mumbai got only the Ghatkopar-Andheri Metro line.
NCP leader Sharad Pawar on Friday criticised the decision and said that he would urge Prime Minister Narendra Modi to reconsider the decision and retain Mumbai’s status as an international financial services centre. Mumbai has always been the country’s economic capital, and it has its distinct identity. While it is the leading industrial city, the decision to shift the IFSC Authority from Mumbai to Gujarat is disturbing.
IFSC in Mumbai would have helped create at least 1 lakh new jobs in the financial sector directly and another 1 lakh jobs in ancillary services. Well, after PM Modi became the Prime Minister in May 2014, Mumbai's dream of becoming an IFSC was already dead. The January 27 notification has only confirmed the death.