Mumbai to be made a global financial hub: Sinha
Emphasizing on ‘Why can't India become an international financial centre like Singapore and London?,’ the Indian Minister of State for Finance Jayant Sinha on Friday said that the Government of India mulls to develop Mumbai as a major international finance centre. Sinha also exuded confidence that the $ 2 trillion Indian economy will become a $ 4-5 trillion economy in the next 10-12 years, speaking at an event organized by the Indian Private and Venture Capital Association (IVCA) in Delhi. Referring to this as a right time when India is receiving good capital inflows, Sinha called for investments assuring investors of addressing tax issues in the upcoming budget. Earlier on Thursday, in a meeting with the Central Government Ministries, Sinha emphasized the need for innovative product development in an ever expanding capital market. Speaking over implementation of the National Pension System (NPS), Sinha asked the Ministries to work on increasing the number of NPS members, which has already more than 80 lakh subscribers with total Asset Under Management (AUM) of more than Rs 76,000 crores. Sinha, however, commended the Pension Fund Regulatory Development Authority (PFRDA) for putting-up a highly efficient technology platform under the NPS architecture. He further added that NPS would effectively address the pension issues of approximately 10-12 million young work force being added on an annual basis. Over the future course of action, Sinha urged PFRDA to provide enabling framework for more products and wider coverage of the population with pension products. Further the Regulator may consider alternative investment funds like Venture Capital funds and Growth Capital Funds which are important to encourage entrepreneurship in our country, the Minister added.
This article was published on January 30, 2015.
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