IFSC body in Gujarat will globally discredit Mumbai: Pawar

Mumbai, May 3 (IANS) The Centre's decision to station the International Financial Services Centre (IFSC) Authority at Gandhinagar in Gujarat will not only cause financial damage to the country, but also bring "international discredit" by undermining the importance of Mumbai, Nationalist Congress Party President Sharad Pawar warned here on Sunday.In a letter to Prime Minister Narendra Modi on Saturday - released on Sunday - Pawar said the Centre's move would be taken as an act of undermining the strategic importance of Mumbai that boasts as the nation's financial capital and even the financial institutions worldwide will be "taken aback" by this shocking decision.He pointed out that in the general psyche of the business community, bankers and other financial institutions, Mumbai is their natural choice for setting up such a unified authority, and fervently urged the Prime Minister to reconsider the decision.
--IANS qn/dpb