What Mumbai needs to do to replace Hong Kong as Asia’s main financial hub

[Rizwan Alam]

Toilets?

 

[Viet]

All meaningless talks. Without China's approval, no other citiy can reply Hongkong. Financial center must serve real economy.

But how can you stop if foreign businesses flee HK? You can’t ring fence HK.

Singapore is the most logical choice

Yes the oil sheiks SG profits most from the HK disaster. We profit unfortunately not too much.

 

[Aspen]

Good

Let Mumbai copy Hong Kong while Shanghai passes them both.

 

[Avatar]

https://www.google.com/amp/s/m.econ...nce-centre-dream/amp_articleshow/64297769.cms

It was BJP who killed this project because of stupid gift city of Modi. Best believe gift will never happen no matter what we in Mumbai will not let it happen, neither will BJP will form government in Maharashtra ever.. we will let Mamta Bannerjee but never Modi.

What about the attitude of BMC officers and workers who almost never move a paper without pocketing a bribe?
It is very difficult to get a government tender without contacts and greasing. The entire system is decaying from inside and there is no way to fix it without a deep and painful surgery. Unless business can be conducted freely, openly, without fear of being targeted by corrupt income tax officials, local goons and government workers - I see no potential for Mumbai to become a global financial hub.

The attitudes of government workers and representatives in Singapore and Taipei is completely different. In Singapore, you never even have to think of paying a bribe and if the government makes a mistake they acknowledge and compensate you for it in a timely manner.

Bangkok/Thailand also has a lot of corruption but it does not hinder local businesses or entrepreneurs in the same way as Mumbai.

Congress was worse than BJP. Hand in hand and in bed with the builder mafia nexus, which is why the fall of BJP lead to the real estate crash in Mumbai. BJP isn't much better. The problem lies in the prevailing attitudes of govt officers and MLA's who come to power and think that they deserve to profit incessantly in every way possible while people have no choice but to comply.

 

[Chhatrapati]

what i stated was my personal opinion. but as you wish, i should have rather stayed away from commenting on your shithole.

i want my country to ease the mega cities by building new cities on coastline of Pakistan, we have plenty of space.

There is plenty of space in the Sahara desert too and a huge coastline.

maybe there is difference b/w us, we Pakistanis generally don't like densely population shit holes unlike your kind.

No... The Major difference is your cities don't generate much revenue. If there is not much revenue from it there will not be many people to benefit from it. One company say the Tata group HQ in Mumbai has a market cap that is nearly 4 times the market cap of the Entire Pakistan stock exchange. And the only place that's comparable to a shithole will be Dharavi, that whole place alone have a revenue of $1 billion. You as a Pakistani must be the last one to give an opinion on anything. Jog on.

 

[newb3e]

from military supa powa now indians planning to become financial supa powa!

scary they will soon rule world!

 

[Maarkhoor]

FALLING SHORT
What Mumbai needs to do to replace Hong Kong as Asia’s main financial hub
3 hours ago

By Prathamesh Mulye

Writer, banking and economy

FROM OUR OBSESSION
Because China
Even small changes in China have global effects.

Large-scale protests. Ruthless crackdowns. A draconian law. Hong Kong’s relationship with the world has been completely altered by China after it imposed a new national security law on June 30, undermining Asia’s top financial center.

In the fast-moving world of business and finance, the tussle to replace Hong Kong is already under way, and India’s financial capital Mumbai could take advantage of its rival’s problems. “It looks like Hong Kong’s independent institutions, including the courts and the central bank, will get affected in the future,”said Pranay Singh, economic research analyst at GlobalData. “This affects its image as a business-friendly hub.”

The talk of turning Mumbai into a global financial behemoth isn’t new, but little effort has been made to turn that dream into a reality. While cities like Singapore and Tokyo appear to be ahead of Mumbai in the race, some experts think that India’s financial hub has certain advantages, and the primary structures in place to compete.

“We are home to some of the large industrial houses (domestic and global) and top financial institutions. Our central bank is one of the most trusted regulators,” said Manjeet Kripalani, co-founder and executive director of Mumbai-based think-tank Gateway House. “Also, the city has the oldest stock exchange in the world and a commodity market in place.” The city can also boast of a huge port, she added, and is perfectly placed in terms of time zone between the east and west.

Crumbling streets
But Mumbai must do more. It needs to carry out large sweeping reforms on three fronts—its business environment, infrastructure and governance—if it wants to be considered as a true rival to other global financial hubs.

“One important consideration for the Indian government is to improve the general infrastructure and liveability factor of the city of Mumbai,” said Russell Gaitonde from Deloitte India, adding that these “softer” issues are important for Indian and foreign nationals who live and work in cities such as Singapore, Hong Kong and Dubai. “The city’s infrastructure is crumbling, and the quality of life in the city is poor.” The Economist Intelligence Unit’s Global Liveability Index (2019) ranked Mumbai at 119 out of 140 cities, based on health care, stability, infrastructure, education, culture and environment.

Pothole-filled roads with heavy traffic and poor urban planning are some of its most unappealing features; these have been a key concern for more than a decade. A committee set up by the government in 2007 made it clear that the city needs to fix these problems if it has any chance of becoming a major global center.

Not taking centre stage
The committee’s recommendations for upgrading Mumbai were never followed and it ended up losing a planned international financial service centre (IFSC) to another state in India. As well as Mumbai’s problems, politics also played a pivotal role: the IFSC is now in Gujarat, prime minister’s Narendra Modi’s home state.

Mumbai should have been the natural choice. “Financial services groups would prefer to set up their IFSC businesses in Mumbai, which is the financial capital of India and where most financial services groups have existing business operations,” Gaitonde said. “It would also be easier to convince Indian professionals who currently work in global financial services centers to move back to India and settle in Mumbai.”

Tax reform
Beside upgrading infrastructure, Mumbai needs to provide more incentives for global businesses. With its ease of doing business and lower taxation, Hong Kong has been a safe haven for finance professionals and global funds. It’s proximity to the fast-growing Chinese economy also gave it an edge. India’s complicated tax system has always been a problem, by contrast.

While Singapore would be their favorite destination, Mumbai can throw its hat in the ring to get a share of the $91 billion worth assets managed by fund houses in Hong Kong. But for this to happen, the Indian government has to usher in reforms to woo global funds.

Apart from lowering and simplifying taxation, the India’s currency is inflexible. Currently, there are certain restrictions on buying foreign financial assets like shares and properties by converting the rupee into other currencies and vice versa. “Full capital convertibility should be achieved within a time-bound period of the next 18-24 months and by no later than the end of calendar 2008,” the panel’s report had said in 2007.

These kinds of sweeping reforms aren’t easy in India and haven’t been achieved yet, but Hong Kong’s problems may be the incentive that Mumbai needs.

https://qz.com/1879727/how-mumbai-could-replace-hong-kong-as-asias-main-financial-hub/

Build toilets first....biggest slum of the world....wana be financial capital lolss

 

[ToddBing]

Lol the same principle that they call this the 'largest electronics market in Asia'

This poor guy need to visit Huaqiangbei in ShenZhen first...

 

[Laozi]

Build toilets first....biggest slum of the world....wana be financial capital lolss

When we say that Mumbai has the world's biggest slum it really means :

We have huge human resources.

These guys have moved to the city aspiring for better life, therefore these are people with ambitions.

City is providing jobs to this group to sustain there. Hence Mumbai has economic strength to feed millions of slum dwellers.

Once foreign capital starts flowing into Mumbai things will change for the better.

 

[Max]

There is plenty of space in the Sahara desert too and a huge coastline.

Maybe you didn't notice even Saharan desert look much better then your densely populated Shitholes I mean Delhi and Mumbai.

As for Pakistani cities not generating money, they generate enough so their people don't have to go to shit outside or sleep on footpaths like lowly ugly subhumans. They generate enough to have better roads and traffic management. Your Tata is at forefront of giving rise to subhuman culture with complete collusion of Indian military and political junta (corruption). They are the reason behind huge income inequality hence poverty in India.

If anyone say anything to lowly subhumans about their living standards, they bring out Tata and Ambani as if he they are their joint fathers and doing charity.

Anyways keep enjoying your densely populated shithole, I am out.

 

[Beast]

Is the writer for this article high on drugs when writing it?

 

[ToddBing]

When we say that Mumbai has the world's biggest slum it really means :

We have huge human resources.

These guys have moved to the city aspiring for better life, therefore these are people with ambitions.

City is providing jobs to this group to sustain there. Hence Mumbai has economic strength to feed millions of slum dwellers.

Once foreign capital starts flowing into Mumbai things will change for the better.

population ≠ human resources
human resources = population well educated and has good work skill living in a country which have good industrial system and infrastructure.

 

[beijingwalker]

The future world economy is going to revolve around China, so which city could become a financial hud depends on China's will.

Shenzhen in world’s top 10 financial centres for first time while Hong Kong stays in third place just behind London

• Hong Kong moving closer to London as concerns over Brexit mount
• Shenzhen jumped five places to rank in the top 10 globally

The top 10 financial centres globally were: New York, London, Hong Kong, Singapore, Shanghai, Tokyo, Beijing, Dubai, Shenzhen and Sydney.

https://www.scmp.com/business/compa...op-10-financial-centres-first-time-2010-while

World top 10 global fiancial centers, China has 4, that's almost half of the list.

 

[shi12jun]

Indian superpower Indian no 1

 

[ToddBing]

The future world economy is going to revolve around China, so which city could become a financial hud depends on China's will.
World top 10 global fiancial centers, China has 4, that's almost half of the list.

Where is Mumbai?
Finally I found it here:https://www.longfinance.net/media/documents/GFCI_26_Report_v1.0.pdf
Ranking 72
In order to be Asia’s main financial hub,Mumbai has to surpass GIFT City-Gujarat,Nur-Sultan,Bangkok,Bahrain,Kuala Lumpur,Busan,Doha,Seoul,Taipei,Qingdao,Abu Dhabi,Osaka,Guangzhou,Tel Aviv,Shenzhen,Dubai,Beijing,Tokyo,Shanghai,Singapore and Hong Kongsuccessively...
Only 21 cities to surpass, very easy to a supa powa country.