Real Estate News

Global Financial Hub: Mumbai Can Make It

If you harbour any doubt about Mumbai making the global cut financially, here?s an eye-opener. The city stands a reasonable chance of emerging as a financial market centre by 2025, as dominant as New York, London and Tokyo.

At least this is what the impression of a majority of 955 top business honchos of the world, surveyed by IBM?s Institute for Business Value. The survey findings show that Mumbai is one notch behind Chinese market centres of Shenzen and Shanghai, and beats others like Hong Kong and Dubai on the perception scale.

The IBM?s report on globalisation of financial markets states that countries like India, France, China and Russia have higher levels of physics and mathematics graduates, who will be vital to the functioning of evolving markets.

The rising sophistication in financial markets has brought in complicated instruments that require the strong talent base these countries have to offer, and investment by them in education will be a long-term factor,? explains Wendy Feller, associate partner, IBM Institute of Business Value.

Worldwide, investible assets are expected to double by 2015 to $300 trillion, and may further rise to $700 trillion by 2025, according to the report. Interestingly, 60 percent of the assets are expected to come from developing countries like India and China.

The report also stresses on the need for companies to go global, retaining their specialisation edge at the same time. ?While companies need an agile global business model, their advice and operations need to be taken care of locally,? she explains.

The report also made a set of suggestions to help financial market firms deal with their constraints. The suggestions include reconsidering firms? role in the industry, recalibrating its operating model and creating a culture of global management Source: The Economic Times Mumbai << Back