More space, more funds and a time-bound programme will turn Mumbai, the financial capital of the country, into global financial hub.

Speaking at Mumbai Next, an ideas exchange platform for transforming the Mumbai Metropolitan RegionIn, Maharashtra chief minister Devendra Fadnavis on Friday set an ambitious deadline for slew of projects in the city

In the presence of top industrialists, CEOs, bankers, businessmen, Bollywood stars, policy makers and bureaucrats, he announced plans to increase floor space index (FSI) in the metropolis, an information technology based platform to support  project clearances, implementation of Rs 8,500-crore coastal road project 2-3 along  with Navi Mumbai International Airport.

The seminar was held jointly by Maharashtra  Government and  Mumbai First Foundation. Fadnavis  declared that the Brihan Mumbai Municipal Corporation and 25 municipal corporations in the state will be allowed to raise bonds with a rider that they will have to spend proceeds in a time-bound manner for various development works. ''There are outlays but no outcomes as 32 to 40 per cent remain unspent.

The government will allow municipal corporations to raise bonds but they need to spend the money in time,'' Fadnavis said. The Chief minister said that  35.6-km coastal road connecting south and north Mumbai would be completed within next  two- three and  work will begin in next three months after all statutory approvals are received.

The government has also fixed a time line of 2019 for the completion of first phase of Navi Mumbai airport .

BMC Commissioner Sitaram Kunte indicated on the sidelines of the event that the FSI in Greater Mumbai will be increased soon due to the growth in population and demand for housing. He said that the necessary details with regard to hike in FSI will be incorporated in the city's Development Plan which will be released by February 15.

Currently, 1.33 FSI is available in the island city and 1 in suburbs. There is a transfer of development right (TDR) potential up to 1 FSI in suburbs so it ultimately becomes 2 FSI. However, in the island city of Mumbai there is 3 FSI available for redevelopment purpose.

Besides setting up a war room for coordination among 17 different government departments and agencies to avoid delays in the project development that has been established right at the chief minister’s office ,the  state  government will soon release a new tourism policy to fully exploit tourism potential in Mumbai and rest of the state. It will also carry out a makeover of  the integrated film studio- Film City.

Focus on ‘Basics First’ tells Naidu
Promising whole hearted support of the Centre to develop Mumbai as a Global Financial Hub, in his valedictory address, Union Urban Development Minister,Venkaiah Naidu asked the Devendra Fadnavis Government to focus on ‘Basics First’ and said that focus should be on drinking water, sanitation, solid waste management, affordable housing, slum redevelopment and a good public transport.” 

“More cars on the streets may be a symbol of prosperity, but it creates great congestion” Naidu said and added that Mumbai had many firsts to its credit including the first bus service and the first suburban train service. “But today its local train service was under great strain.  The city has only 11 km of Metro corridor, as compared to 120 kms in Delhi.”

 Speaking against ‘man-to-man contact’ as it tends to breed corruption the minister said that “all processes should be made online and third party inspection should be mandatory.” He also observed that miracles cannot be expected overnight as India is a democracy and everyone had to be taken along in a’ step by step process’. 

Naidu said that investment climate in the country had improved for the businessmen and inflation had come down bringing cheer to the common man. Defending his government’s resolve of creating a pro-business environment in the country, he said, “some people call us ‘pro-business’.  What is wrong in being pro-business?  It is the businessmen who create wealth in the country, and if no wealth is created, what will you distribute under welfare programmes?”

Union minister of State for Finance,Jayant Sinha said that financial services, being high value sector can be a leader in wealth creation.

“Since Mumbai accounted for 50-60% of market capitalization it was best suited to become the Global Financial Hub. There are certain regulatory and taxation issues which need to be addressed and there is no reason to doubt why BKC can not become the next Canary Wharf” Sinha said.