We want International Financial Services Centre (IFSC) Authority in Mumbai, Maharashtra.

We want International Financial Services Centre (IFSC) Authority in Mumbai, Maharashtra.

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Chetan Wanjari started this petition to Prime Minister of India, Narendra Modi, Nirmala Sitharaman, Sumant Kathpalia,Sharad Arvind Bobde (PMO)

Citing RBI data published last month, the banking sector has deposits worth Rs 145,00,000 crore. “The share of Maharashtra alone in the deposits is 22.8 per cent, followed by Delhi (10 per cent), Uttar Pradesh (7.8 per cent), Karnataka (7.2 per cent) and Gujarat (5.4 per cent).

As per the reserve requirement, every bank has to maintain SLR [statutory liquidity ratio] at the rate of 18 per cent of its deposits in the form of government-securities (G-Sec). Through this G-Sec, the central government receives funds to the tune of Rs 26,00,000 crores. Out of these funds, Rs 5,95,000 is received from Maharashtra alone, against Gujarat’s contribution of Rs 1,40,000 crore.

In spite of Maharashtra’s immense contribution to G-Sec, the decision to establish the IFSC (Authority) in Gujarat is egregious, erroneous and unwarranted. It will be perceived as a move to shift financial institutions and business houses away from Maharashtra and will create unnecessary political disturbances.

Mumbai is already recognised as one of the world’s Top 10 centres of commerce in terms of global financial flow, generating 6.16 per cent of India’s GDP and accounting for 25 per cent of industrial output and 70 per cent of capital transactions to Indian economy.

While the Mumbai IFC dream has struggled since 2006-2007, it effectively died a quiet death after Modi became prime minister and his pet GIFT city gathered momentum. In political circles, the Central government’s to locate the proposed IFSC authority in Gandhinagar is seen not just as an act of retaliation, but another of many moves to downgrade Mumbai and boost Gujarat. In the last five years, Maharashtra has suspected that the Modi government has been undermining Mumbai, by gradually creating alternatives in Gujarat for port facilities, directing external investment towards it and taking away the financial services sector.

 

Support Mumbai to hold its financial status.

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