The commercial capital of India, Mumbai, is on its way to become a truly global financial hub by 2020. Work is in progress to improve infrastructure of the entire city.

The Panel does not see development of Special Economic Zones (SEZs) featuring top notch facilities as the only solution to cater to demanding business requirements of the financial services industry. Mumbai requires improving on its infrastructure if it wants to host an international financial centre.

The steps cannot be taken quickly through arabesques such as the Navi Mumbai SEZ. Putting it up in an SEZ is not a feasible solution, says the committee in its report submitted on Monday.

The city must grab the attention of well off, mobile, and multi culturally inclined globally competitive persons to work for India or foreign companies in the financial sector. As far as progress in infrastructure building in Mumbai is concerned, it is moving at snail's pace.

The committee is pondering over to invite foreign construction and development firms alongside the prominent Indian real estate companies to ensure that the recovery of Mumbai's infrastructure deficit in the coming years. The facilities would include world class health and educational services, hotels, cultural institutions in addition to 24 hour power and water supply.

The committee has also recommended existing legislations directing financial sector with a new Financial Services Modernization Act and bringing controversial Securities Transaction Tax and stamp duties to an end. The global firms dealing with corporate law, accounting, business consultancy and tax advisory should be allowed to establish offices in Mumbai, says the committee.

India needs to follow the countries which have successfully implemented full currency convertibility. This would help the country to prevent mistakes made by few others thereby taking every possible step to develop Mumbai's infrastructure.

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