Mumbai, a global financial hub?

Last updated: 27 June 2007 Follow on Google News

Maharashtra become the first Indian state to hold its own investment forum in New York this week, reports CNBC-TV18.

Many Mumbaikars say they feel at home in New York, finding common ground in geography, soaring skylines, the daily bustle and of course, the frenetic pursuit of money. And some prominent Mumbai residents currently in the Big Apple for the Maharashtra Investment Forum held at the Metropolitan Club, found the admiration is mutual.

Said Vilasrao Deshmukh, Chief Minister, Maharashtra, "They feel it is a second home. That feeling is already there because of the cosmopolitan culture of Mumbai and English speaking population."

Over 180 delegates grilled the state government officials and industry experts on some of the major hurdles faced by foreign investors in Maharashtra.

Ajit Ranade, who is the Chief Economist, Aditya Birla Group emphasised on the need for infrastructure. He said that, "The main focus is on infrastructure, power, roadways, ports - everybody seems to be aware of port congestion at JNPT."

And on the question of Mumbai emerging as a global financial hub, Maharashtra's Chief Minister acknowledged there was still work to be done.

Said the CM, "We have to do more on infrastructure. Slums and lot of encroachments need some time and some more money."

Maharashtra is the first Indian state to hold its own Investment Forum in New York, on the lines of the annual India Investment Forum.

When the organisers started marketing the Maharashtra Investment Forum a few months ago, some investors who'd never heard of the state, wanted to know if Maharashtra was a developing country. Now thanks to the positive response, the event is likely to return to New York next year.

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