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Maximum Mumbai
There’s a case for Mumbai getting special status and funding
befitting its role as India’s financial capital.
Milind M Deora, Member of Parliament
young leaders
Maximum Mumbai
There’s a case for Mumbai getting special status and funding
befitting its role as India’s financial capital.
Milind M Deora
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Liberalisation didn’t just change the working of the Indian
economy, it transformed India’s cities as well. Mumbai,
especially, has changed both economically and
demographically—from being a textile hub, it has become more
retail and service-oriented. And it is capable of being much
more. Mumbai has long been the financial capital of the
country. There’s no reason why it can’t become a financial
services powerhouse and compete with other Asian cities like
Hong Kong and Dubai.
But, having the ability and potential is one thing;
transforming it into reality is something else entirely. Just
compare the pace of development of Delhi’s infrastructure to
the steady decline in Mumbai. True, three states competing for
their share of the National Capital Region pie helps Delhi in
a big way—an advantage Mumbai doesn’t share. But that excuse
works only so far. We have missed opportunities. For instance,
we have been a leading industrial state and are now being
rapidly challenged.
I place the blame squarely on poor governance: there seems to
be no long-term vision and understanding in the city’s
policy-makers. The Brihanmumbai Mahanagar Palika (Municipal
Corporation of Greater Mumbai), the state government and the
opposition parties have failed to provide a direction to the
metropolis’s growth. Without world-class infrastructure, why
would foreign investors or institutions want to set shop in
the city? Besides, it is a co-related phenomenon: more
investors will mean more investment and job creation in the
city. The next decade should undoubtedly see a major thrust in
infrastructure development, which will mean better power,
roads, drinking water and sanitation facilities, apart from
better law and order. We need to start work on many pending
projects. For instance, the connectivity from the island city
to the mainland has been an issue for decades, and it is
critical that we don’t miss the monorail deadline. Without the
basics in place, any idea of becoming a global financial hub
will be a non-starter.
Still, there is a case for Mumbai being given special status
and funding befitting its historic and historical role as
India’s financial capital. Making Mumbai an international
financial hub is a cause for the whole country—a channel to
attract investments and trade. While there can’t be different
financial regulations and policies for Mumbai, there can be
tax breaks and other incentives that will make it an
attractive business, commercial and financial destination.
Singapore, Hong Kong and Dubai became megapolises in short
spans of time, and there is no reason why Mumbai can’t achieve
the same in a much quicker period. Liberalisation has given
more people access to more resources. To increase productivity
or even to maintain productivity, you have to facilitate
healthy competition and provide better infrastructure and
facilities. We can’t afford to have residents walking in fear
of right-wing extremists, or, indeed, walking because there
are no proper transport facilities.
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