Economic Times
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Mumbai, March 19: Mumbai’s creaky infrastructure notwithstanding, ICICI Bank managing director and CEO KV Kamath believes the megalopolis could ‘inevitably’ emerge one of the main international financial centres (IFCs).

Speaking at Maharashtra Annual Day conference organised by Confederation of Indian Industries (CII) on Friday, Mr Kamath said Mumbai’s growth into an IFC was inevitable as India’s economic growth averaged around 9 % to 10% per annum. “Mumbai as an IFC is sheer need of the requirement of India’s growing economy.

There are emerging issues pertaining to domestic, foreign currency dealings, and equity which need attention. But there are challenges to be met like upgrading Mumbai’s infrastructure, putting in place a regulatory context, legal framework and the right kind of environment for an IFC,” Mr Kamath said.

Mr Kamath was speaking on ‘Why Is It Essential For Mumbai To Become An IFC Now’ as part of a general theme on the need to improve infrastructure. He pointed out that the scorching rate at which Indian economy was growing would lead to surpluses being thrown up internally as well against the commonly held notion that only external money supply will come to India.