PM puts Mumbai on a fast lane to Shanghai

New Delhi/Mumbai: It’s called the city of dreams. It has braved nature’s fury and battled terror attacks. Known for its much-fabled spirit and resilience, Mumbai has stood strong and dreamt of a better, brighter future.
But India’s financial hub has also long typified the worst of all urban problems and poor municipal management.
The city is bursting at its seams and several attempts have been made in the past to streamline development, ensure efficient infrastructure and manage the steady stream of migrants stretching and straining the city’s resources to its limits.
But, courtesy the Prime Minister’s Office, Mumbai's ‘Shanghai’ dreams may finally be coming true.
CNN-IBN has learnt that a PMO document has laid out a Rs 50,500-crore plan that looks at changing the face of India’s financial hub to bring it at par with the international standards – something on the lines of China’s Shanghai.
Of the allotted Rs 50,500 crore, Rs 25,000 cr is expected to be raised by way of private equity while Rs 12,000 crore would come from stamp duty.
Additionally, the state government would also borrow Rs 8,500 crore to make up for the deficit.
According to the blueprint circulated by the PMO among the various ministries, India’s financial hub will undergo the following infrastructural overhauls:
  • Mumbai would be declared International Finance Center.
  • It will have four Special Economic Zones (SEZ)s and the Bombay High Court has already directed the authorities to fill up all pot-holes by the end of the month.
  • The Bandra-Worli sea link is expected to be completed by April 2008
Source : CNN-IBN
 

gaurav200x

Gaurav Mittal
This is a very good idea, although i doubt how will they be able to find space in an already cluttered mumbai to make 4 SEZs, esp when China's SEZs each are like a township in their own.
 
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