Gandhinagar chosen as it is only functional IFSC now: Fadnavis

BJP leader Devendra Fadnavis onSaturday defended the Union government's decision to set up the International Financial Services Centres Authority in Gandhinagar, saying it was the only functional IFSC as of now.Earlier in the day, Maharashtra Congress chief and state revenue minister Balasaheb Thorat had alleged that the decision to set up IFSC headquarters in Gujarat was taken to "reduce Mumbai's stature" as the country's financial capital."Some people have selective memory when they want to blame everything on the Narendra Modi government," Fadnavis, a former Maharashtra chief minister, tweeted.A high powered committee of the Central government submitted a report in February 2007, recommending creation of IFSC, he said."Neither the government of Maharashtra submitted any official proposal, nor did the Centre consider it."The headquarters is announced at Gandhinagar because it is the only functional IFSC. Those who are beating the chest now were in power from 2007 to 2014 and did nothing for Mumbai IFSC," he said, targeting the Congress and NCP."That void was captured by then Gujarat CMNarendra Modi," he said."Mumbai had a natural IFSC eco-system and it can still become an IFSC if Maharashtra govt desires," Fadnavis added.Modi had announced at the 2007 Vibrant Gujarat Summit that GIFT City Ahmedabad would be developed as an IFSC and appointed ECADI for its planning and by 2012 plans were ready and work had started, he said.In 2015, the Government of India enacted a law to govern IFSC and immediately GIFT City proposal was submitted and Mumbai's proposal was submitted eventually, he said.GIFT City was in advanced stage so it got approval and Mumbai BKC (Bandra Kurla Complex) proposal faced technical problem for want of 50 hectares ofcontiguous land, said Fadnavis who was chief minister between 2014-2019.The Maharashtra government resent the proposal and while planning Mumbai-Ahmedabad Bullet train project, the Centre planned the (proposed) BKC station in such a way that an IFSC building can stand over it, he said.As GIFT City in Gujarat had already started functioning, then Union finance minister Arun Jaitley said the government was mulling if there could be two IFSCs, he said.The Maharashtra government sent a report on how they can coexist and it is still under consideration, Fadnavis claimed.

Gandhinagar chosen as it is only functional IFSC now: Fadnavis

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