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Maharashtra government plans to make Mumbai an international finance hub

The Fadnavis government is making ambitious plans to make this happen soon. On the anvil are tax concessions, and establishing an iconic building at Bandra-Kurla Complex to woo global fund managers.

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To lure foreign fund managers to Maharashtra, the state government wants to develop Mumbai into an international finance centre, much on the lines of GIFT (Gujarat International Finance Tec-City), an upcoming global financial hub near Gandhinagar in the neighbouring state.

The Fadnavis government is making ambitious plans to make this happen soon. On the anvil are tax concessions, and establishing an iconic building at Bandra-Kurla Complex to woo global fund managers.

"This would not only get the global fund managers to shift their operations from Dubai and Singapore to Mumbai, but generate huge employment opportunities as well," said Chief Minister Devendra Fadnavis who has put the government machinery on fast-track mode before it is "too late". The CM said, "Hyderabad is also aiming for the same status."

Foreign transactions by non-resident firms operating from Mumbai will not be taxed, said Fadnavis. "The Centre has scrapped the tax which was earlier imposed on foreign transactions made by such firms. The tax was a major hurdle, making investors shun Mumbai and setting up base in Dubai or Singapore," said Fadnavis, adding that the move would require support from all agencies and municipal corporations for a big infrastructure push.

If Mumbai gets the status of international finance centre and offers such concessions (reports say GIFT would also offer similar rebates), it would be similar to the dual systems of China and Hong Kong.

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