Mumbai slips to 72nd rank on global financial centre list

Indicating worsening business conditions in India, Mumbai has slipped six places to 72nd rank, the bottom 10, on the Global Financial Centre Index (GFCI), while London has retained its top slot.

Mumbai is the only Indian city to find a place on this bi-annual list of 80 financial centres globally and was ranked 66th in its previous edition published in March this year.

In the top-five, London is followed by New York, Hong Kong, Singapore and Tokyo.

Others in the top 10 are: Zurich (6th), Boston (7th), Geneva (8th), Frankfurt (9th), Seoul (10th).

Although New Delhi, the country's political hub, was added the GFCI questionnaire recently, it is "yet to acquire sufficient assessments to be included in the index", GFCI said.

Sofia and Nairobi have been added to the questionnaire recently along with Almaty, Busan, Guangzhou, Liechtenstein, New Delhi, Riga, Santiago and Tianjin.

In the latest list 32 financial centres made improvements in their rankings, 40 centres declined in the rankings, seven centres experienced no change, and one new centre Tel Aviv entered the index.

The largest risers in the ranks include Rio de Janeiro, Malta, Monaco and Istanbul.

Chicago and Toronto fell out of the top-10 into the 11th and 12th places respectively. Beijing continued its decline in the ranks (59, down from 58 in March) and has been slipping steadily since GFCI 10, the report said.

The GFCI provides profiles, ratings and rankings for 80 financial centres, drawing on two separate sources of data instrumental factors (third party measures and indices) and responses to an online questionnaire.