IFSC issue: Don’t undermine importance of Mumbai as India’s financial capital

Is there a concerted effort to undermine the importance of Mumbai as the financial capital of the country, a tag that that identifies the city across the globe and a tag that every resident is so proud of?

I would not like to believe so.

But the Centre’s move to station the International Financial Services Centre (IFSC) Authority in Gujarat certainly raises doubts on the intention of the Centre.

The Centre has issued a notification declaring Gandhinagar in Gujarat as the headquarters of the IFSC Authority, at the Gujarat International Financial-Tech (GIFT) City.

Over the last 6 years, we have seen a systematic effort to shift the focus of several important events to Gujarat, which happens to be the home state of the two top leaders of the BJP and the present NDA government.

From Namaste Trump to the visit of several high-profile global leaders, Gujarat has been the centre of attraction, to the extent that other states and regions of the country have started to feel neglected.

Seen in that light, this decision seems to be another step in making Gujarat the most-favoured state in the country.

Our honourable leader Sharad Pawar has rightfully called this decision “egregious, erroneous and unwarranted” and has urged the Centre to reconsider it.

“The move will not only cause financial damage to the country but also bring international discredit to it by undermining the importance of Mumbai, which is the country’s financial capital and the best choice for the IFSC authority, Sharad Pawarji has said in a letter written to the Centre.

In his letter, our leader has urged the Prime Minister’s Office to take a rational and judicious decision, keeping aside the state politics and consider it as an issue of utmost national importance.

I completely endorse this demand and sincerely hope that better sense prevails on the Centre. While I am not against the development of other states, as far as IFSC is concerned, Mumbai already has the HQs of RBI, Sebi, NSE, many national & international banks & financial institutions. It makes much more sense to have the IFSC here.

What is most intriguing and extremely sad is that some leaders of Maharashtra are openly endorsing this injustice to the state.

These are the leaders who at one point in time were chosen by the people to rule the state. The people of the state had reposed their faith in them. But today, when the state’s interest is being compromised to benefit some other state, these leaders are betraying its people and supporting a wrong decision taken by the Centre.

The fact that these leaders are playing politics over the interests of our state Maharashtra is indeed sad and unfortunate.

Citing old facts to justify a wrong decision is petty politics.

Every leader who loves Maharashtra who takes pride in Mumbai should join hands to oppose this move by the Centre. This is not the time nor an issue to play politics.


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