Building an International Financial Centre in Mumbai

Sanjeev Sanyal

Working Papers from eSocialSciences

Abstract: Earlier this year, the Indian government’s High Powered Expert Committee (HPEC) put forward its recommendations on how Mumbai could be made into an International Financial Center. The HPEC’s report covers a very wide range of issues, including urban infrastructure and financial regulations 1 . It serves no purpose to enumerate the HPEC’s numerous recommendations here. The goal of this paper is to provide a simple analytical framework that can focus the debate and be used to evaluate, prioritize and sequence the various measures. To begin with a basic question – why do we need large financial hubs in a globalized, post-internet world? More fundamentally, since financial hubs are also major cities, why do cities even exist in the twenty-first century?

Keywords: financial hub; liberalisation; globalisation; financial regulations; urban infrastructure; IFC; Economics (search for similar items in EconPapers)
Date: 2007-06
Note: Institutional Papers
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Persistent link: https://EconPapers.repec.org/RePEc:ess:wpaper:id:1012

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