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Gujarat chief minister Narendra Modi will be holding round table discussion with leaders from the banking and insurance sectors on February 19. This meeting is scheduled as part of the a national summit on 'Financial Services – A Key Driver for Economic Growth' which the BJP's prime ministerial candidate will be addressing.
The summit on has been organised by the government of Gujarat through in association with the Federation of Indian Chamber of Commerce & Industry (FICCI), Indian Merchant Chambers (IMC) & Gujarat International Finance Tec-City (GIFT).
The aim of this summit is to facilitate the process of putting together pragmatic rules, procedures and facilities which would expedite the development of the envisaged ‘Global Financial Hub’ in India. The development of global financial hub is considered necessary for bringing efficiency in financial services and its role in economic development of the country.
Financial services sector plays a major role in the progress of various segments of the economy be it agriculture, industries, trading or exports. It provides great impetus to the economy by bringing in various untapped sectors into the system and thereby helps economic growth.
Several developed countries have created high-tech financial hubs serving as focal points of their nation’s development journey - be it Shinjuku in Tokyo, Lujiazui in Shanghai or the London Dockyards in UK. With a conducive environment, these centres enhance capital flows and give a great impetus to talent.
The trend observed among foreign investors is to take an indirect route into India for investments. These investors are making full use of the economic potential of the huge Indian market with more sophisticated financial institutions through off-shore centres like Mauritius, instead of directly routing their investments into India.
