FINANCIAL HUB ONLY IN MUMBAI, NOT GUJ

In a strongly worded disagreement with Union Finance Minister Arun Jaitley over the location of the International Financial Services Centre (IFSC), Chief Minister Devendra Fadnavis on Friday asserted the financial hub will be set up in Mumbai only – at any cost. Replying to a calling attention motion moved by Sanjay Dutt in the Upper House, Fadnavis said only Mumbai could be a financial services hub as it is a natural turf for such services; also it is home to front offices of all companies engaged in financial and insurance services. Dutt referred to a speech of Jaitley in Parliament wherein he had said the first IFSC will be come up in Gujarat and unless it’s optimal use, there will not be another IFSC. Fadnavis, while clearing the air, told the opposition members: “I want to make it clear that the financial services hub cannot be set up in other city than in Mumbai and this is 100 percent right.” Without naming Prime minister Narendra Modi and Jaitley, who are not in favour for locating the IFSC in Mumbai, Fadnavis said he will apologize to all those across the country for advocating an IFSC at Mumbai. “We have two models of the IFSC. One is on the lines of London, without getting a tag of special economic zone. The other option is to start an IFSC sub section in an existing SEZ anywhere in the State. For both these options we do not need to go to the Centre,” the chief minister explained.