A second International Financial Services Centre should come to Mumbai: Milind Deora

Rajya Sabha MP Milind Deora discusses potential for second IFSC in Mumbai and Maharashtra's infrastructure challenges at Hindu's Poll Arena.

India has the potential for a second International Financial Services Centre (IFSC) to be established and Mumbai would be the natural choice for the same said Rajya Sabha MP from Shiv Sena Milind Deora at the Hindu’s Poll Arena that took place for the first time in Mumbai on November 5.

“I believe now India has the potential and the scope to have not just one international financial center but a second one also. And that naturally should come to Mumbai. I always say Mumbai’s competition is no longer Telangana, Hyderabad, Delhi, Gujarat, Ahmedabad, Bengaluru, Chennai, Kolkata. Now Mumbai’s competition is Dubai and Singapore” he said in response to a question on IFSC being established in Gujarat instead of the financial capital Mumbai.

He further said that Maharashtra had lost out on investment as human resources were concentrated in financial services which led to other sectors like Information Technology (IT) moving to southern states. Besides, the move happened also because of Maharashtra’s lack of infrastructure. “I really believe we lost out because of a lack of infrastructure. These projects we are talking about are 30 to 50 year old projects.”

“The Atal Setu was envisioned during JRD Tata’s time has finally been implemented.” Mr. Deora said. He alleged the Congress of “speed breaker” politics referring to the opposition to Mumbai metro rail, Wadhwana port or Jethapur nuclear plant, saying this was becoming a norm and that was keeping Mumbai city from developing

Mr. Deora’s statements assume significance as the MVA leaders had flagged that projects meant to be in Maharashtra were being implemented at Gujarat due to the Centre’s favouritism. The criticism recently surfaced when Prime Minsiter Narendra Modi inaugurated the defence aircraft facility at Vadodara, which Congress leader Jairam Ramesh said was originially a project for Maharashtra.

Talking about his move from Congress to Shiv Sena, Mr. Deora said that the party had lost its way from the time his father ( Murli Deora) used to work and that he had no regrets in moving to the party. Mr.Deora who was the former Minister of State for Shipping in UPA II, now fighting an assembly election at the Worli constituency for the Shiv Sena. He said that politics was always local and the local issues are what reflect in the national issues.