Mumbai to be developed as world's top financial centre: CM

Mumbai, June 26 (UNI) Maharashtra Chief Minister Vilasrao Deshmukh, who is on a ten-day visit to promote the state as an 'investment destination' in the United States, shared his vision to develop it as Asia's most competitive manufacturing and services hub.

He, briefly, touched upon the major economic strength of the state and said that Maharashtra is the only state from India that featured in IMD Switzerland's World Competitiveness Report 2006 and was even ranked ahead of countries like Korea, South Africa, Brazil, Rassia and Italy.

Mr Deshmukh informed delegates about the initiatives thrown open for huge investment opportunities, covering areas of power, ports, roads, aviation and tourism.

''We are in the process of setting up two new international airports at Navi Mumbai and Chakan near Pune and a multi-model international air cargo and passenger hub at Nagpur. It is our endeavour to develop Nagpur as the Asian Frankfurt,'' Mr Deshmukh said, while delivering a keynote address at the Maharashtra Investment Forum at Metropolitan Club in New York City yesterday.

In addition to the Mumbai and Jawarharlal Nehru Port, the government is also implementing plans to develop seven other ports through private participation, he added.

Through Euro Money Institutional Investor Inc, a Maharashtra government had organised the investors' Forum to show-case the state as South Asia's commercial and financial capital as Mumbai ranking amongst the world's top five finance centres. About 220 investors from different sectors from the US attended the first day of the Forum.

Maharashtra is the first state from India to get this opportunity to organise this investment forum. The Chief Minister's keynote address received an overwhelming response from the investors present on the occasion.

The Chief Minister said the state has set goal to increase significantly its per capital income and to achieve growth rates of 10 per cent and 12 per cent respectively in industrial and services sectors and creation of additional employment opportunities for at least two million people in the next three years.

Several projects have been launched to realise the vision of making Mumbai a world class city, he said adding that ''Our plan encompasses holistic development in the Mumbai Metropolitan Region.

This plan envisages the growth of the city ten folds over its present geographical size.'' Ms Neelam Deo, Consul General of India in New York, talked about the important role Maharashtra can play in the context of improved Indo-US relations. Johny Joseph, Chief Secretary, also shared information from his interaction with some multi-national investors.

UNI