Maharashtra to woo financial services firms back to Mumbai

One of the focus areas for the Maharashtra government, which is going to host a summit of top industrialists this week, would be the companies that offer financial services.
"Even with the current infrastructure that Mumbai has, there is a lot we can do to improve the financial services sector. During this summit we will ensure that we focus on getting top companies like Credit Suisse and Deutsche Bank to build a base here," an official in the Chief Minister's office said today.
Several fund managers from top broking companies which were once based in the city have migrated, he noted.

"Fund managers who were once very happy to do business in Mumbai have now gone to countries like Singapore and Malaysia as laws and the taxing system are much simpler there. We need to change this and get them back. This will go a long way in helping the state contribute to the development of the country," he said.
Chief Minister Devendra Fadnavis last week announced his plan to transform Mumbai Metropolitan Region (MMR) into a global financial, commercial and entertainment hub.
A mega transformation initiative called 'Mumbai Next' will be undertaken with holding of a conclave/summit called 'Transforming MMR into global financial, commercial and entertainment hub' on February 6.

It will be attended by Union Minister of State for Finance Jayant Sinha, Reliance Industries chairman Mukesh Ambani, Tata Group chairman Cyrus Mistry, actor Amitabh Bachchan, World Bank representative and European Union ambassadors, among others.