Research Paper

Jyoti Marathe

Lecturer,

Department of Business Management,

Padmashree Dr. D. Y. Patil University

CBD Belapur, Navi Mumbai.

Mobile: 09920071543

Email: jyoticm@hotmail.com

Title: Analysis of opportunity and potential of Indian cities other than Mumbai to develop International Financial Centre

Abstract

Asia is receiving increasing attention due to less fluctuation in Asian economy and hence there are efforts to shift international economy to Asia. Besides Hong Kong SAR, Singapore and Tokyo, other aspiring financial centres such as Shanghai, Mumbai and Beijing also have the potential to grow rapidly and to develop the financial services industry in Asia.

The ruling Political Party of India, Congress is determined to make Mumbai as International Financial Centre. The ambitious efforts to convert this city into international financial hub have triggered heavy discussions and analysis of the experts about pros and cons of the city.

Mumbai has remained financial capital of India. Hence Mumbai is the most preferred destination for developing IFC in India. However, the proposed Gujarat International Financial Tech-city (GIFT), Lavasa, Hyderabad, Chennai and Bangalore also needs to be looked at to decentralize the burden on Mumbai and to increase international potential of other cities in India.

This paper examines the potential of cities in India other than Mumbai to be most competent for development of International Finance centre.

Key words: International financial centre, MIFC, Financial center competition, financial center development

Area of interest: International Business:

• Development of an International Finance Centre in India

1. Introduction

Asia’s emergence as a key player in the global economy is witnessing intense competition within the region to become Asia’s next great international financial centre. Besides Hong Kong, Singapore and Shanghai, among others, Mumbai city India also has been ranked 58th in 7th and 57th in 8th...