Is Mumbai ready to be a global financial hub or not? This question will be answered by the Union Cabinet shortly.

There are a number of recommendations to enable Mumbai join the league of London, New York and Singapore as one of the premier IFCs of the world, from the high-powered expert committee (HPEC) on making Mumbai an international financial centre (IFC). The report submitted to the FM (finance minister) on Tuesday will be out before the Cabinet shortly.

According to HPEC, the Indian purchases of international financial services (IFS) touched $13 billion in 2005 and are expected to be in the range of $50-70 billion by 2015. Therefore, it has been stated that “if the country does not proceed on establishment of an IFC, the revenues will go to other IFCs”.