Mumbai has a natural IFSC ecosystem and it can still become IFSC if Maharashtra Government desires : Dev Fadnavis

Devendra Fadnavis, @Dev_Fadnavis – Former Maharashtra CM:

  • In December 2019 the Government of India enacted a law to create an Authority to regulate financial services center and its headquarters is now notified in Ahmedabad.
  • Some people have a selective memory when they want to blame everything on Hon PM @narendramodi ji’s Government ! High Power Committee of GOI submitted a report in February 2007 to create IFSC . Neither Govt of Maharashtra submitted an official proposal nor GOI considered it.
  • In 2007, at Vibrant Gujarat Summit, the then Gujarat CM Hon @narendramodi ji announced GIFT City Ahmedabad to be developed as IFSC and appointed ECADI for its planning. By 2012 all plans of IFSC at Gujarat were ready and work had almost started.
  • In 2015,Govt of India enacted a law to govern IFSC&immediately Gift City proposal was submitted & eventually Mumbai’s proposal was also submitted. GIFT city was in advanced stage so it got approval&Mumbai BKC proposal faced technical problem for want of 50 hectare contiguous land.
  • A solution was found to it & again a proposal was sent after appointing consultants & making all the plans. The CentralGovt also took into account the IFSC plans at BKC while planning the bullet train station & station is planned in such a way that IFSC building will come on it.
  • In the meantime GIFT city had already started functioning & the then FM Late Hon Arun Jaitely ji said that we are trying to see if 2 IFSCs can coexist. GoM submitted a report on how they can coexist and that is still under consideration.
  • The headquarters is announced at Gandhinagar because as of now it is the only functional IFSC . Those who are beating the chest now were in power from 2007 to 2014 & did nothing for Mumbai IFSC and that void was captured by the then CM Hon @narendramodi ji.
  • Mumbai has a natural IFSC ecosystem and it can still become IFSC if Maharashtra Government desires.

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