India needs IFC, says expert

Hyderabad, Apr 26 (UNI) Oxford International Group Chairman Percy S Mistry today underlined the need for an International Financial Centre (IFC) for India as it was becoming a global force.

Speaking on 'Development of Mumbai as an International Financial Centre' at Adminstrative Staff College of India (ASCI) here, he said India needed an IFC to raise funds and build infrastructure.

India needed an IFC because of its inherent size and growth, trade, investment and globalisation and for enormous infra-investment requirements.

ASCI Court of Governors Chairman M Narasimham said Indian entities were now participating in the international financial markets by seeking access through debt and equity and international financial institutions were getting more involved with India.

For the development of an IFC, strong internal financial system was required and sound, credible and transparent regulatory framework should govern its operations.

UNI