Mumbai slips in ranking of world's financial hubs

India’s financial capital Mumbai slipped to 66th rank in the list of world’s leading financial centres, while New Delhi failed to make a mark, according to the latest Global Financial Centres Index (GFCI) released on Tuesday.

GFCI which provides profiles, ratings and rankings for 79 financial centres worldwide, ranked Mumbai at the 66th place, down three places from last year.  Mumbai is the only Indian city on the list, which was topped by London.

New York was ranked second in the list, followed by Hong Kong and Singapore in the third and fourth places, respectively. Others in the top 10 are: Zurich (fifth), Tokyo (sixth), Geneva (seventh), Boston (eighth), Seoul (ninth) and Frankfurt (10th).

Although New Delhi, the country’s political hub, was added to the GFCI questionnaire recently and its progress was being monitored, the city failed to make it to the list. Almaty, Baku, Busan, Guangzhou, Liechtenstein, Riga, Santiago, Tel Aviv and Tianjin had also been added to the GFCI questionnaire , GFCI said, adding “they are yet to acquire sufficient assessments to be included in the Index”.

As many as 26 financial centres improved rankings from last year, 44 centres declined, seven showed no change and two (Panama and Cyprus) entered the list for the first time. All but six centres in the GFCI experienced a rise in the ratings. According to the index, the 10 centres that are likely to become more significant in the next few years are: Singapore, Shanghai, Hong Kong, Seoul, Toronto, Sao Paulo, Luxembourg, Istanbul, Beijing and Moscow.